California 2017-2018 Regular Session

California Assembly Bill AB1445 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	Assembly Bill No. ~~1445 CHAPTER 380An~~ act to add Article 11 (commencing with Section 50574) to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, relating to local government. ~~[ Approved by Governor September 14, 2018. Filed with Secretary of State September 14, 2018. ]~~ LEGISLATIVE COUNSEL'S DIGESTAB 1445, Reyes. Designated qualified opportunity zones: sale or lease of property.Existing law generally governs the sale or lease of property owned by a city or county under various circumstances, including, among others, surplus property and property sold for economic development purposes.Existing federal law authorizes the governor of a state to nominate a specified number of census tracts that meet certain requirements as a qualified opportunity zone and authorizes the Secretary of the Treasury to designate those tracts as qualified opportunity zones. Existing federal law provides certain federal tax incentives to a taxpayer who invests in a qualified opportunity fund, which is an investment vehicle organized for the purpose of investing in qualified opportunity zone property, as prescribed.This bill would direct a city or county to require a qualified opportunity zone fund to provide, as part of any transaction for the sale or lease of property owned by the city or county that is located within a designated qualified opportunity zone to a qualified opportunity zone fund for use as a qualified opportunity zone business property, a timeline for completion of the investment activity on the property and information relating to the development of the property, as specified. The bill would require that information to be posted on the city or countys Internet Web site. The bill would define various terms for these purposes.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Article 11 (commencing with Section 50574) is added to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, to read: Article 11. Property Within Designated Qualified Opportunity Zones50574. (a) For purposes of this article, the following terms have the following meanings:(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:(A) A timeline for completion of the investment activity on the property.(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.
	1	+	Enrolled August 31, 2018 Passed IN Senate August 24, 2018 Passed IN Assembly August 29, 2018 Amended IN Senate July 05, 2018 Amended IN Senate June 07, 2018 Amended IN Assembly April 18, 2017 Amended IN Assembly March 28, 2017 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 1445Introduced by Assembly Member ReyesFebruary 17, 2017An act to add Article 11 (commencing with Section 50574) to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, relating to local government.LEGISLATIVE COUNSEL'S DIGESTAB 1445, Reyes. Designated qualified opportunity zones: sale or lease of property.Existing law generally governs the sale or lease of property owned by a city or county under various circumstances, including, among others, surplus property and property sold for economic development purposes.Existing federal law authorizes the governor of a state to nominate a specified number of census tracts that meet certain requirements as a qualified opportunity zone and authorizes the Secretary of the Treasury to designate those tracts as qualified opportunity zones. Existing federal law provides certain federal tax incentives to a taxpayer who invests in a qualified opportunity fund, which is an investment vehicle organized for the purpose of investing in qualified opportunity zone property, as prescribed.This bill would direct a city or county to require a qualified opportunity zone fund to provide, as part of any transaction for the sale or lease of property owned by the city or county that is located within a designated qualified opportunity zone to a qualified opportunity zone fund for use as a qualified opportunity zone business property, a timeline for completion of the investment activity on the property and information relating to the development of the property, as specified. The bill would require that information to be posted on the city or countys Internet Web site. The bill would define various terms for these purposes.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Article 11 (commencing with Section 50574) is added to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, to read: Article 11. Property Within Designated Qualified Opportunity Zones50574. (a) For purposes of this article, the following terms have the following meanings:(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:(A) A timeline for completion of the investment activity on the property.(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.
2	2
3		-	Assembly Bill No. 1445 CHAPTER 380An act to add Article 11 (commencing with Section 50574) to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, relating to local government. [ Approved by Governor September 14, 2018. Filed with Secretary of State September 14, 2018. ] LEGISLATIVE COUNSEL'S DIGESTAB 1445, Reyes. Designated qualified opportunity zones: sale or lease of property.Existing law generally governs the sale or lease of property owned by a city or county under various circumstances, including, among others, surplus property and property sold for economic development purposes.Existing federal law authorizes the governor of a state to nominate a specified number of census tracts that meet certain requirements as a qualified opportunity zone and authorizes the Secretary of the Treasury to designate those tracts as qualified opportunity zones. Existing federal law provides certain federal tax incentives to a taxpayer who invests in a qualified opportunity fund, which is an investment vehicle organized for the purpose of investing in qualified opportunity zone property, as prescribed.This bill would direct a city or county to require a qualified opportunity zone fund to provide, as part of any transaction for the sale or lease of property owned by the city or county that is located within a designated qualified opportunity zone to a qualified opportunity zone fund for use as a qualified opportunity zone business property, a timeline for completion of the investment activity on the property and information relating to the development of the property, as specified. The bill would require that information to be posted on the city or countys Internet Web site. The bill would define various terms for these purposes.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
	3	+	Enrolled August 31, 2018 Passed IN Senate August 24, 2018 Passed IN Assembly August 29, 2018 Amended IN Senate July 05, 2018 Amended IN Senate June 07, 2018 Amended IN Assembly April 18, 2017 Amended IN Assembly March 28, 2017 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 1445Introduced by Assembly Member ReyesFebruary 17, 2017An act to add Article 11 (commencing with Section 50574) to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, relating to local government.LEGISLATIVE COUNSEL'S DIGESTAB 1445, Reyes. Designated qualified opportunity zones: sale or lease of property.Existing law generally governs the sale or lease of property owned by a city or county under various circumstances, including, among others, surplus property and property sold for economic development purposes.Existing federal law authorizes the governor of a state to nominate a specified number of census tracts that meet certain requirements as a qualified opportunity zone and authorizes the Secretary of the Treasury to designate those tracts as qualified opportunity zones. Existing federal law provides certain federal tax incentives to a taxpayer who invests in a qualified opportunity fund, which is an investment vehicle organized for the purpose of investing in qualified opportunity zone property, as prescribed.This bill would direct a city or county to require a qualified opportunity zone fund to provide, as part of any transaction for the sale or lease of property owned by the city or county that is located within a designated qualified opportunity zone to a qualified opportunity zone fund for use as a qualified opportunity zone business property, a timeline for completion of the investment activity on the property and information relating to the development of the property, as specified. The bill would require that information to be posted on the city or countys Internet Web site. The bill would define various terms for these purposes.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO
	4	+
	5	+	Enrolled August 31, 2018 Passed IN Senate August 24, 2018 Passed IN Assembly August 29, 2018 Amended IN Senate July 05, 2018 Amended IN Senate June 07, 2018 Amended IN Assembly April 18, 2017 Amended IN Assembly March 28, 2017
	6	+
	7	+	Enrolled August 31, 2018
	8	+	Passed IN Senate August 24, 2018
	9	+	Passed IN Assembly August 29, 2018
	10	+	Amended IN Senate July 05, 2018
	11	+	Amended IN Senate June 07, 2018
	12	+	Amended IN Assembly April 18, 2017
	13	+	Amended IN Assembly March 28, 2017
	14	+
	15	+	CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION
4	16
5	17		Assembly Bill No. 1445
6		-	CHAPTER 380
	18	+
	19	+	Introduced by Assembly Member ReyesFebruary 17, 2017
	20	+
	21	+	Introduced by Assembly Member Reyes
	22	+	February 17, 2017
7	23
8	24		An act to add Article 11 (commencing with Section 50574) to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, relating to local government.
9		-
10		-	[ Approved by Governor September 14, 2018. Filed with Secretary of State September 14, 2018. ]
11	25
12	26		LEGISLATIVE COUNSEL'S DIGEST
13	27
14	28		## LEGISLATIVE COUNSEL'S DIGEST
15	29
16	30		AB 1445, Reyes. Designated qualified opportunity zones: sale or lease of property.
17	31
18	32		Existing law generally governs the sale or lease of property owned by a city or county under various circumstances, including, among others, surplus property and property sold for economic development purposes.Existing federal law authorizes the governor of a state to nominate a specified number of census tracts that meet certain requirements as a qualified opportunity zone and authorizes the Secretary of the Treasury to designate those tracts as qualified opportunity zones. Existing federal law provides certain federal tax incentives to a taxpayer who invests in a qualified opportunity fund, which is an investment vehicle organized for the purpose of investing in qualified opportunity zone property, as prescribed.This bill would direct a city or county to require a qualified opportunity zone fund to provide, as part of any transaction for the sale or lease of property owned by the city or county that is located within a designated qualified opportunity zone to a qualified opportunity zone fund for use as a qualified opportunity zone business property, a timeline for completion of the investment activity on the property and information relating to the development of the property, as specified. The bill would require that information to be posted on the city or countys Internet Web site. The bill would define various terms for these purposes.
19	33
20	34		Existing law generally governs the sale or lease of property owned by a city or county under various circumstances, including, among others, surplus property and property sold for economic development purposes.
21	35
22	36		Existing federal law authorizes the governor of a state to nominate a specified number of census tracts that meet certain requirements as a qualified opportunity zone and authorizes the Secretary of the Treasury to designate those tracts as qualified opportunity zones. Existing federal law provides certain federal tax incentives to a taxpayer who invests in a qualified opportunity fund, which is an investment vehicle organized for the purpose of investing in qualified opportunity zone property, as prescribed.
23	37
24	38		This bill would direct a city or county to require a qualified opportunity zone fund to provide, as part of any transaction for the sale or lease of property owned by the city or county that is located within a designated qualified opportunity zone to a qualified opportunity zone fund for use as a qualified opportunity zone business property, a timeline for completion of the investment activity on the property and information relating to the development of the property, as specified. The bill would require that information to be posted on the city or countys Internet Web site. The bill would define various terms for these purposes.
25	39
26	40		## Digest Key
27	41
28	42		## Bill Text
29	43
30	44		The people of the State of California do enact as follows:SECTION 1. Article 11 (commencing with Section 50574) is added to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, to read: Article 11. Property Within Designated Qualified Opportunity Zones50574. (a) For purposes of this article, the following terms have the following meanings:(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:(A) A timeline for completion of the investment activity on the property.(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.
31	45
32	46		The people of the State of California do enact as follows:
33	47
34	48		## The people of the State of California do enact as follows:
35	49
36	50		SECTION 1. Article 11 (commencing with Section 50574) is added to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, to read: Article 11. Property Within Designated Qualified Opportunity Zones50574. (a) For purposes of this article, the following terms have the following meanings:(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:(A) A timeline for completion of the investment activity on the property.(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.
37	51
38	52		SECTION 1. Article 11 (commencing with Section 50574) is added to Chapter 2 of Part 1 of Division 1 of Title 5 of the Government Code, to read:
39	53
40	54		### SECTION 1.
41	55
42	56		Article 11. Property Within Designated Qualified Opportunity Zones50574. (a) For purposes of this article, the following terms have the following meanings:(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:(A) A timeline for completion of the investment activity on the property.(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.
43	57
44	58		Article 11. Property Within Designated Qualified Opportunity Zones50574. (a) For purposes of this article, the following terms have the following meanings:(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:(A) A timeline for completion of the investment activity on the property.(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.
45	59
46	60		Article 11. Property Within Designated Qualified Opportunity Zones
47	61
48	62		Article 11. Property Within Designated Qualified Opportunity Zones
49	63
50	64		50574. (a) For purposes of this article, the following terms have the following meanings:(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:(A) A timeline for completion of the investment activity on the property.(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.
51	65
52	66
53	67
54	68		50574. (a) For purposes of this article, the following terms have the following meanings:
55	69
56	70		(1) Designated qualified opportunity zone means a qualified opportunity zone, as defined in subsection (a) of Section 1400Z-1 of Title 26 of the United States Code, that has received a designation pursuant to that section.
57	71
58	72		(2) Qualified opportunity zone business property has the same meaning as defined in subparagraph (D) of paragraph (2) of subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.
59	73
60	74		(3) Qualified opportunity zone fund has the same meaning as defined in subsection (d) of Section 1400Z-2 of Title 26 of the United States Code.
61	75
62	76		(b) (1) A city or county shall require a qualified opportunity zone fund to provide all of the following as part of any transaction for the sale or lease to a qualified opportunity zone fund for use as a qualified opportunity zone business property of property owned by the city or county that is located within a designated qualified opportunity zone:
63	77
64	78		(A) A timeline for completion of the investment activity on the property.
65	79
66	80		(B) An estimation of the number of jobs that will be created as a result of the investment activity on the property.
67	81
68	82		(C) A summary of local workforce utilization strategies that will be employed as part of the investment activity on the property.
69	83
70	84		(2) A qualified opportunity zone fund shall provide the information required by paragraph (1) as part of its request for the sale or lease of property owned by the city or county.
71	85
72	86		(3) A city or county shall not sell or lease property to a qualified opportunity zone fund unless the qualified opportunity zone fund has submitted the information required by paragraph (1).
73	87
74	88		(c) The information required by paragraph (1) of subdivision (b) shall be posted on the city or countys Internet Web site.