| Old | New | Differences | |
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| 1 | - | Amended IN Assembly | |
| 1 | + | Amended IN Assembly March 28, 2017 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 1670Introduced by Assembly Member GomezFebruary 17, 2017 An act relating to taxation. to add and repeal Sections 17053.80 and 23680 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.LEGISLATIVE COUNSEL'S DIGESTAB 1670, as amended, Gomez. Income taxes: credits: qualified developer: affordable housing.The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws.This bill would state the intent of the Legislature to enact legislation that would allow a credit against those taxes for amounts paid by a taxpayer to an eligible developer for the purpose of supplying affordable housing for low and very low income residents through new construction and home rehabilitation. allow a credit against those taxes for each taxable year beginning on or after January 1, 2017, and before January 1, 2022, in an amount equal to 50% of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, as defined, not to exceed $250,000.This bill would take effect immediately as a tax levy.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NOYES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 17053.80 is added to the Revenue and Taxation Code, to read:17053.80. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 50 percent of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, not to exceed two hundred fifty thousand dollars ($250,000).(b) A qualified developer shall do both of the following:(1) Apply to the Department of Housing and Community Development, in the form and manner prescribed by the department, for approval of a qualified project.(2) Provide documentation to the taxpayer, upon request, that the project has been approved as a qualified project.(c) The Department of Housing and Community Development shall do both of the following:(1) Determine whether a project is a qualified project. If a project is a qualified project, the department shall approve the project.(2) Provide documentation to the qualified developer, upon request, that the project has been approved as a qualified project.(d) For purposes of this section:(1) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code.(2) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income.(3) Qualified project means a project that satisfies all of the following:(A) Has a specific site with a parcel identifier or address.(B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income.(C) Complies with all applicable local land use and zoning ordinances.(e) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following taxable year, and succeeding two years if necessary, until the credit is exhausted.(f) This section shall remain in effect only until December 1, 2022, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (e), until the credit is exhausted.(g) Section 41 does not apply to the credit allowed by this section.SEC. 2. Section 23680 is added to the Revenue and Taxation Code, to read:23680. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, not to exceed two hundred fifty thousand dollars ($250,000).(b) A qualified developer shall do both of the following:(1) Apply to the Department of Housing and Community Development, in the form and manner prescribed by the department, for approval of a qualified project.(2) Provide documentation to the taxpayer, upon request, that the project has been approved as a qualified project.(c) The Department of Housing and Community Development shall do both of the following:(1) Determine whether a project is a qualified project. If a project is a qualified project, the department shall approve the project.(2) Provide documentation to the qualified developer, upon request, that the project has been approved as a qualified project.(d) For purposes of this section:(1) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code.(2) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income.(3) Qualified project means a project that satisfies all of the following:(A) Has a specific site with a parcel identifier or address.(B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income.(C) Complies with all applicable local land use and zoning ordinances.(e) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following taxable year, and succeeding two years if necessary, until the credit is exhausted.(f) This section shall remain in effect only until December 1, 2022, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (e), until the credit is exhausted.(g) Section 41 does not apply to the credit allowed by this section.SEC. 3. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.SECTION 1.It is the intent of the Legislature to enact legislation that would allow a credit against the taxes imposed under the Personal Income Tax Law and Corporation Tax Law for amounts paid by a taxpayer to an eligible developer for the purpose of supplying affordable housing for low and very low income residents through new construction and home rehabilitation. | |
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| 3 | + | Amended IN Assembly March 28, 2017 CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 1670Introduced by Assembly Member GomezFebruary 17, 2017 An act relating to taxation. to add and repeal Sections 17053.80 and 23680 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.LEGISLATIVE COUNSEL'S DIGESTAB 1670, as amended, Gomez. Income taxes: credits: qualified developer: affordable housing.The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws.This bill would state the intent of the Legislature to enact legislation that would allow a credit against those taxes for amounts paid by a taxpayer to an eligible developer for the purpose of supplying affordable housing for low and very low income residents through new construction and home rehabilitation. allow a credit against those taxes for each taxable year beginning on or after January 1, 2017, and before January 1, 2022, in an amount equal to 50% of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, as defined, not to exceed $250,000.This bill would take effect immediately as a tax levy.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NOYES Local Program: NO | |
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| 5 | - | ||
| 5 | + | Amended IN Assembly March 28, 2017 | |
| 6 | 6 | ||
| 7 | - | Amended IN Assembly April 18, 2017 | |
| 8 | 7 | Amended IN Assembly March 28, 2017 | |
| 9 | 8 | ||
| 10 | 9 | CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION | |
| 11 | 10 | ||
| 12 | 11 | Assembly Bill No. 1670 | |
| 13 | 12 | ||
| 14 | 13 | Introduced by Assembly Member GomezFebruary 17, 2017 | |
| 15 | 14 | ||
| 16 | 15 | Introduced by Assembly Member Gomez | |
| 17 | 16 | February 17, 2017 | |
| 18 | 17 | ||
| 19 | - | An act to add and repeal Sections 17053.80 and 23680 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. | |
| 18 | + | An act relating to taxation. to add and repeal Sections 17053.80 and 23680 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. | |
| 20 | 19 | ||
| 21 | 20 | LEGISLATIVE COUNSEL'S DIGEST | |
| 22 | 21 | ||
| 23 | 22 | ## LEGISLATIVE COUNSEL'S DIGEST | |
| 24 | 23 | ||
| 25 | 24 | AB 1670, as amended, Gomez. Income taxes: credits: qualified developer: affordable housing. | |
| 26 | 25 | ||
| 27 | - | The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws.This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2017, and before January 1, 2022, in an amount equal to 50% of the amount paid | |
| 26 | + | The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws.This bill would state the intent of the Legislature to enact legislation that would allow a credit against those taxes for amounts paid by a taxpayer to an eligible developer for the purpose of supplying affordable housing for low and very low income residents through new construction and home rehabilitation. allow a credit against those taxes for each taxable year beginning on or after January 1, 2017, and before January 1, 2022, in an amount equal to 50% of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, as defined, not to exceed $250,000.This bill would take effect immediately as a tax levy. | |
| 28 | 27 | ||
| 29 | 28 | The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. | |
| 30 | 29 | ||
| 31 | - | This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2017, and before January 1, 2022, in an amount equal to 50% of the amount paid | |
| 30 | + | This bill would state the intent of the Legislature to enact legislation that would allow a credit against those taxes for amounts paid by a taxpayer to an eligible developer for the purpose of supplying affordable housing for low and very low income residents through new construction and home rehabilitation. allow a credit against those taxes for each taxable year beginning on or after January 1, 2017, and before January 1, 2022, in an amount equal to 50% of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, as defined, not to exceed $250,000. | |
| 32 | 31 | ||
| 33 | 32 | This bill would take effect immediately as a tax levy. | |
| 34 | 33 | ||
| 35 | 34 | ## Digest Key | |
| 36 | 35 | ||
| 37 | 36 | ## Bill Text | |
| 38 | 37 | ||
| 39 | - | The people of the State of California do enact as follows:SECTION 1. Section 17053.80 is added to the Revenue and Taxation Code, to read:17053.80. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 50 percent of the amount paid | |
| 38 | + | The people of the State of California do enact as follows:SECTION 1. Section 17053.80 is added to the Revenue and Taxation Code, to read:17053.80. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 50 percent of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, not to exceed two hundred fifty thousand dollars ($250,000).(b) A qualified developer shall do both of the following:(1) Apply to the Department of Housing and Community Development, in the form and manner prescribed by the department, for approval of a qualified project.(2) Provide documentation to the taxpayer, upon request, that the project has been approved as a qualified project.(c) The Department of Housing and Community Development shall do both of the following:(1) Determine whether a project is a qualified project. If a project is a qualified project, the department shall approve the project.(2) Provide documentation to the qualified developer, upon request, that the project has been approved as a qualified project.(d) For purposes of this section:(1) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code.(2) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income.(3) Qualified project means a project that satisfies all of the following:(A) Has a specific site with a parcel identifier or address.(B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income.(C) Complies with all applicable local land use and zoning ordinances.(e) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following taxable year, and succeeding two years if necessary, until the credit is exhausted.(f) This section shall remain in effect only until December 1, 2022, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (e), until the credit is exhausted.(g) Section 41 does not apply to the credit allowed by this section.SEC. 2. Section 23680 is added to the Revenue and Taxation Code, to read:23680. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, not to exceed two hundred fifty thousand dollars ($250,000).(b) A qualified developer shall do both of the following:(1) Apply to the Department of Housing and Community Development, in the form and manner prescribed by the department, for approval of a qualified project.(2) Provide documentation to the taxpayer, upon request, that the project has been approved as a qualified project.(c) The Department of Housing and Community Development shall do both of the following:(1) Determine whether a project is a qualified project. If a project is a qualified project, the department shall approve the project.(2) Provide documentation to the qualified developer, upon request, that the project has been approved as a qualified project.(d) For purposes of this section:(1) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code.(2) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income.(3) Qualified project means a project that satisfies all of the following:(A) Has a specific site with a parcel identifier or address.(B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income.(C) Complies with all applicable local land use and zoning ordinances.(e) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following taxable year, and succeeding two years if necessary, until the credit is exhausted.(f) This section shall remain in effect only until December 1, 2022, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (e), until the credit is exhausted.(g) Section 41 does not apply to the credit allowed by this section.SEC. 3. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.SECTION 1.It is the intent of the Legislature to enact legislation that would allow a credit against the taxes imposed under the Personal Income Tax Law and Corporation Tax Law for amounts paid by a taxpayer to an eligible developer for the purpose of supplying affordable housing for low and very low income residents through new construction and home rehabilitation. | |
| 40 | 39 | ||
| 41 | 40 | The people of the State of California do enact as follows: | |
| 42 | 41 | ||
| 43 | 42 | ## The people of the State of California do enact as follows: | |
| 44 | 43 | ||
| 45 | - | SECTION 1. Section 17053.80 is added to the Revenue and Taxation Code, to read:17053.80. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 50 percent of the amount paid | |
| 44 | + | SECTION 1. Section 17053.80 is added to the Revenue and Taxation Code, to read:17053.80. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 50 percent of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, not to exceed two hundred fifty thousand dollars ($250,000).(b) A qualified developer shall do both of the following:(1) Apply to the Department of Housing and Community Development, in the form and manner prescribed by the department, for approval of a qualified project.(2) Provide documentation to the taxpayer, upon request, that the project has been approved as a qualified project.(c) The Department of Housing and Community Development shall do both of the following:(1) Determine whether a project is a qualified project. If a project is a qualified project, the department shall approve the project.(2) Provide documentation to the qualified developer, upon request, that the project has been approved as a qualified project.(d) For purposes of this section:(1) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code.(2) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income.(3) Qualified project means a project that satisfies all of the following:(A) Has a specific site with a parcel identifier or address.(B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income.(C) Complies with all applicable local land use and zoning ordinances.(e) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following taxable year, and succeeding two years if necessary, until the credit is exhausted.(f) This section shall remain in effect only until December 1, 2022, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (e), until the credit is exhausted.(g) Section 41 does not apply to the credit allowed by this section. | |
| 46 | 45 | ||
| 47 | 46 | SECTION 1. Section 17053.80 is added to the Revenue and Taxation Code, to read: | |
| 48 | 47 | ||
| 49 | 48 | ### SECTION 1. | |
| 50 | 49 | ||
| 51 | - | 17053.80. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 50 percent of the amount paid | |
| 50 | + | 17053.80. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 50 percent of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, not to exceed two hundred fifty thousand dollars ($250,000).(b) A qualified developer shall do both of the following:(1) Apply to the Department of Housing and Community Development, in the form and manner prescribed by the department, for approval of a qualified project.(2) Provide documentation to the taxpayer, upon request, that the project has been approved as a qualified project.(c) The Department of Housing and Community Development shall do both of the following:(1) Determine whether a project is a qualified project. If a project is a qualified project, the department shall approve the project.(2) Provide documentation to the qualified developer, upon request, that the project has been approved as a qualified project.(d) For purposes of this section:(1) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code.(2) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income.(3) Qualified project means a project that satisfies all of the following:(A) Has a specific site with a parcel identifier or address.(B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income.(C) Complies with all applicable local land use and zoning ordinances.(e) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following taxable year, and succeeding two years if necessary, until the credit is exhausted.(f) This section shall remain in effect only until December 1, 2022, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (e), until the credit is exhausted.(g) Section 41 does not apply to the credit allowed by this section. | |
| 52 | 51 | ||
| 53 | - | 17053.80. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 50 percent of the amount paid | |
| 52 | + | 17053.80. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 50 percent of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, not to exceed two hundred fifty thousand dollars ($250,000).(b) A qualified developer shall do both of the following:(1) Apply to the Department of Housing and Community Development, in the form and manner prescribed by the department, for approval of a qualified project.(2) Provide documentation to the taxpayer, upon request, that the project has been approved as a qualified project.(c) The Department of Housing and Community Development shall do both of the following:(1) Determine whether a project is a qualified project. If a project is a qualified project, the department shall approve the project.(2) Provide documentation to the qualified developer, upon request, that the project has been approved as a qualified project.(d) For purposes of this section:(1) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code.(2) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income.(3) Qualified project means a project that satisfies all of the following:(A) Has a specific site with a parcel identifier or address.(B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income.(C) Complies with all applicable local land use and zoning ordinances.(e) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following taxable year, and succeeding two years if necessary, until the credit is exhausted.(f) This section shall remain in effect only until December 1, 2022, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (e), until the credit is exhausted.(g) Section 41 does not apply to the credit allowed by this section. | |
| 54 | 53 | ||
| 55 | - | 17053.80. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 50 percent of the amount paid | |
| 54 | + | 17053.80. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 50 percent of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, not to exceed two hundred fifty thousand dollars ($250,000).(b) A qualified developer shall do both of the following:(1) Apply to the Department of Housing and Community Development, in the form and manner prescribed by the department, for approval of a qualified project.(2) Provide documentation to the taxpayer, upon request, that the project has been approved as a qualified project.(c) The Department of Housing and Community Development shall do both of the following:(1) Determine whether a project is a qualified project. If a project is a qualified project, the department shall approve the project.(2) Provide documentation to the qualified developer, upon request, that the project has been approved as a qualified project.(d) For purposes of this section:(1) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code.(2) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income.(3) Qualified project means a project that satisfies all of the following:(A) Has a specific site with a parcel identifier or address.(B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income.(C) Complies with all applicable local land use and zoning ordinances.(e) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following taxable year, and succeeding two years if necessary, until the credit is exhausted.(f) This section shall remain in effect only until December 1, 2022, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (e), until the credit is exhausted.(g) Section 41 does not apply to the credit allowed by this section. | |
| 56 | 55 | ||
| 57 | 56 | ||
| 58 | 57 | ||
| 59 | - | 17053.80. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 50 percent of the amount paid | |
| 58 | + | 17053.80. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the net tax, as defined in Section 17039, an amount equal to 50 percent of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, not to exceed two hundred fifty thousand dollars ($250,000). | |
| 60 | 59 | ||
| 61 | 60 | (b) A qualified developer shall do both of the following: | |
| 62 | 61 | ||
| 63 | 62 | (1) Apply to the Department of Housing and Community Development, in the form and manner prescribed by the department, for approval of a qualified project. | |
| 64 | 63 | ||
| 65 | 64 | (2) Provide documentation to the taxpayer, upon request, that the project has been approved as a qualified project. | |
| 66 | 65 | ||
| 67 | 66 | (c) The Department of Housing and Community Development shall do both of the following: | |
| 68 | 67 | ||
| 69 | 68 | (1) Determine whether a project is a qualified project. If a project is a qualified project, the department shall approve the project. | |
| 70 | 69 | ||
| 71 | 70 | (2) Provide documentation to the qualified developer, upon request, that the project has been approved as a qualified project. | |
| 72 | 71 | ||
| 73 | 72 | (d) For purposes of this section: | |
| 74 | 73 | ||
| 75 | - | (1) | |
| 74 | + | (1) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code. | |
| 76 | 75 | ||
| 77 | - | ( | |
| 76 | + | (2) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income. | |
| 78 | 77 | ||
| 79 | - | ||
| 80 | - | ||
| 81 | - | (2) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code. | |
| 82 | - | ||
| 83 | - | (2) | |
| 84 | - | ||
| 85 | - | ||
| 86 | - | ||
| 87 | - | (3) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income. | |
| 88 | - | ||
| 89 | - | (3) | |
| 90 | - | ||
| 91 | - | ||
| 92 | - | ||
| 93 | - | (4) Qualified project means a project that satisfies all of the following: | |
| 78 | + | (3) Qualified project means a project that satisfies all of the following: | |
| 94 | 79 | ||
| 95 | 80 | (A) Has a specific site with a parcel identifier or address. | |
| 96 | 81 | ||
| 97 | - | (B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income. | |
| 82 | + | (B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income. | |
| 98 | 83 | ||
| 99 | 84 | (C) Complies with all applicable local land use and zoning ordinances. | |
| 100 | - | ||
| 101 | - | (D) Will be sold to persons and families of low income at an affordable housing cost. | |
| 102 | - | ||
| 103 | - | (E) Is subject to equity sharing provisions as described in paragraph (2) of subdivision (c) of Section 65915 of the Government Code. | |
| 104 | 85 | ||
| 105 | 86 | (e) In the case where the credit allowed by this section exceeds the net tax, the excess may be carried over to reduce the net tax in the following taxable year, and succeeding two years if necessary, until the credit is exhausted. | |
| 106 | 87 | ||
| 107 | 88 | (f) This section shall remain in effect only until December 1, 2022, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (e), until the credit is exhausted. | |
| 108 | 89 | ||
| 109 | 90 | (g) Section 41 does not apply to the credit allowed by this section. | |
| 110 | 91 | ||
| 111 | - | SEC. 2. Section 23680 is added to the Revenue and Taxation Code, to read:23680. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount paid | |
| 92 | + | SEC. 2. Section 23680 is added to the Revenue and Taxation Code, to read:23680. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, not to exceed two hundred fifty thousand dollars ($250,000).(b) A qualified developer shall do both of the following:(1) Apply to the Department of Housing and Community Development, in the form and manner prescribed by the department, for approval of a qualified project.(2) Provide documentation to the taxpayer, upon request, that the project has been approved as a qualified project.(c) The Department of Housing and Community Development shall do both of the following:(1) Determine whether a project is a qualified project. If a project is a qualified project, the department shall approve the project.(2) Provide documentation to the qualified developer, upon request, that the project has been approved as a qualified project.(d) For purposes of this section:(1) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code.(2) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income.(3) Qualified project means a project that satisfies all of the following:(A) Has a specific site with a parcel identifier or address.(B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income.(C) Complies with all applicable local land use and zoning ordinances.(e) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following taxable year, and succeeding two years if necessary, until the credit is exhausted.(f) This section shall remain in effect only until December 1, 2022, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (e), until the credit is exhausted.(g) Section 41 does not apply to the credit allowed by this section. | |
| 112 | 93 | ||
| 113 | 94 | SEC. 2. Section 23680 is added to the Revenue and Taxation Code, to read: | |
| 114 | 95 | ||
| 115 | 96 | ### SEC. 2. | |
| 116 | 97 | ||
| 117 | - | 23680. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount paid | |
| 98 | + | 23680. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, not to exceed two hundred fifty thousand dollars ($250,000).(b) A qualified developer shall do both of the following:(1) Apply to the Department of Housing and Community Development, in the form and manner prescribed by the department, for approval of a qualified project.(2) Provide documentation to the taxpayer, upon request, that the project has been approved as a qualified project.(c) The Department of Housing and Community Development shall do both of the following:(1) Determine whether a project is a qualified project. If a project is a qualified project, the department shall approve the project.(2) Provide documentation to the qualified developer, upon request, that the project has been approved as a qualified project.(d) For purposes of this section:(1) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code.(2) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income.(3) Qualified project means a project that satisfies all of the following:(A) Has a specific site with a parcel identifier or address.(B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income.(C) Complies with all applicable local land use and zoning ordinances.(e) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following taxable year, and succeeding two years if necessary, until the credit is exhausted.(f) This section shall remain in effect only until December 1, 2022, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (e), until the credit is exhausted.(g) Section 41 does not apply to the credit allowed by this section. | |
| 118 | 99 | ||
| 119 | - | 23680. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount paid | |
| 100 | + | 23680. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, not to exceed two hundred fifty thousand dollars ($250,000).(b) A qualified developer shall do both of the following:(1) Apply to the Department of Housing and Community Development, in the form and manner prescribed by the department, for approval of a qualified project.(2) Provide documentation to the taxpayer, upon request, that the project has been approved as a qualified project.(c) The Department of Housing and Community Development shall do both of the following:(1) Determine whether a project is a qualified project. If a project is a qualified project, the department shall approve the project.(2) Provide documentation to the qualified developer, upon request, that the project has been approved as a qualified project.(d) For purposes of this section:(1) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code.(2) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income.(3) Qualified project means a project that satisfies all of the following:(A) Has a specific site with a parcel identifier or address.(B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income.(C) Complies with all applicable local land use and zoning ordinances.(e) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following taxable year, and succeeding two years if necessary, until the credit is exhausted.(f) This section shall remain in effect only until December 1, 2022, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (e), until the credit is exhausted.(g) Section 41 does not apply to the credit allowed by this section. | |
| 120 | 101 | ||
| 121 | - | 23680. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount paid | |
| 102 | + | 23680. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, not to exceed two hundred fifty thousand dollars ($250,000).(b) A qualified developer shall do both of the following:(1) Apply to the Department of Housing and Community Development, in the form and manner prescribed by the department, for approval of a qualified project.(2) Provide documentation to the taxpayer, upon request, that the project has been approved as a qualified project.(c) The Department of Housing and Community Development shall do both of the following:(1) Determine whether a project is a qualified project. If a project is a qualified project, the department shall approve the project.(2) Provide documentation to the qualified developer, upon request, that the project has been approved as a qualified project.(d) For purposes of this section:(1) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code.(2) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income.(3) Qualified project means a project that satisfies all of the following:(A) Has a specific site with a parcel identifier or address.(B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income.(C) Complies with all applicable local land use and zoning ordinances.(e) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following taxable year, and succeeding two years if necessary, until the credit is exhausted.(f) This section shall remain in effect only until December 1, 2022, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (e), until the credit is exhausted.(g) Section 41 does not apply to the credit allowed by this section. | |
| 122 | 103 | ||
| 123 | 104 | ||
| 124 | 105 | ||
| 125 | - | 23680. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount paid | |
| 106 | + | 23680. (a) For each taxable year beginning on or after January 1, 2017, and before January 1, 2022, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, not to exceed two hundred fifty thousand dollars ($250,000). | |
| 126 | 107 | ||
| 127 | 108 | (b) A qualified developer shall do both of the following: | |
| 128 | 109 | ||
| 129 | 110 | (1) Apply to the Department of Housing and Community Development, in the form and manner prescribed by the department, for approval of a qualified project. | |
| 130 | 111 | ||
| 131 | 112 | (2) Provide documentation to the taxpayer, upon request, that the project has been approved as a qualified project. | |
| 132 | 113 | ||
| 133 | 114 | (c) The Department of Housing and Community Development shall do both of the following: | |
| 134 | 115 | ||
| 135 | 116 | (1) Determine whether a project is a qualified project. If a project is a qualified project, the department shall approve the project. | |
| 136 | 117 | ||
| 137 | 118 | (2) Provide documentation to the qualified developer, upon request, that the project has been approved as a qualified project. | |
| 138 | 119 | ||
| 139 | 120 | (d) For purposes of this section: | |
| 140 | 121 | ||
| 141 | - | (1) | |
| 122 | + | (1) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code. | |
| 142 | 123 | ||
| 143 | - | ( | |
| 124 | + | (2) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income. | |
| 144 | 125 | ||
| 145 | - | ||
| 146 | - | ||
| 147 | - | (2) Persons and families of low income has the same meaning as that term is defined in Section 50093 of the Health and Safety Code. | |
| 148 | - | ||
| 149 | - | (2) | |
| 150 | - | ||
| 151 | - | ||
| 152 | - | ||
| 153 | - | (3) Qualified developer means a nonprofit organization organized pursuant to Section 501(c)(3) of the Internal Revenue Code that develops properties intended to be sold to persons and families of low income. | |
| 154 | - | ||
| 155 | - | (3) | |
| 156 | - | ||
| 157 | - | ||
| 158 | - | ||
| 159 | - | (4) Qualified project means a project that satisfies all of the following: | |
| 126 | + | (3) Qualified project means a project that satisfies all of the following: | |
| 160 | 127 | ||
| 161 | 128 | (A) Has a specific site with a parcel identifier or address. | |
| 162 | 129 | ||
| 163 | - | (B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income. | |
| 130 | + | (B) Is under the management of a qualified developer. Under the management of a qualified developer includes, but is not limited to, providing project management and development, providing downpayment and closing cost assistance, providing housing counseling and marketing fees, and removing liens in order to provide home ownership opportunities for persons and families of low income. | |
| 164 | 131 | ||
| 165 | 132 | (C) Complies with all applicable local land use and zoning ordinances. | |
| 166 | - | ||
| 167 | - | (D) Will be sold to persons and families of low income at an affordable housing cost. | |
| 168 | - | ||
| 169 | - | (E) Is subject to equity sharing provisions as described in paragraph (2) of subdivision (c) of Section 65915 of the Government Code. | |
| 170 | 133 | ||
| 171 | 134 | (e) In the case where the credit allowed by this section exceeds the tax, the excess may be carried over to reduce the tax in the following taxable year, and succeeding two years if necessary, until the credit is exhausted. | |
| 172 | 135 | ||
| 173 | 136 | (f) This section shall remain in effect only until December 1, 2022, and as of that date is repealed. However, any unused credit may continue to be carried forward, as provided in subdivision (e), until the credit is exhausted. | |
| 174 | 137 | ||
| 175 | 138 | (g) Section 41 does not apply to the credit allowed by this section. | |
| 176 | 139 | ||
| 177 | 140 | SEC. 3. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect. | |
| 178 | 141 | ||
| 179 | 142 | SEC. 3. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect. | |
| 180 | 143 | ||
| 181 | 144 | SEC. 3. This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect. | |
| 182 | 145 | ||
| 183 | 146 | ### SEC. 3. | |
| 147 | + | ||
| 148 | + | ||
| 149 | + | ||
| 150 | + | It is the intent of the Legislature to enact legislation that would allow a credit against the taxes imposed under the Personal Income Tax Law and Corporation Tax Law for amounts paid by a taxpayer to an eligible developer for the purpose of supplying affordable housing for low and very low income residents through new construction and home rehabilitation. |