CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 2999Introduced by Assembly Member BontaFebruary 16, 2018 An act to add Sections 17057.7 and 23610.7 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. LEGISLATIVE COUNSEL'S DIGESTAB 2999, as introduced, Bonta. Income taxes: credits: affordable housing: employer-assisted housing programs.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, 2019, in an amount equal to 50% of the amount of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing, as defined, for employees or the investment in an employer-assisted housing program, as defined. This bill would take effect immediately as a tax levy.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Section 17057.7 is added to the Revenue and Taxation Code, to read:17057.7. (a) For each taxable year beginning on or after January 1, 2019, 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 of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program.(b) For purposes of this section:(1) Affordable housing means housing developments in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons or families of low or moderate income, as defined in Section 50093 of the Health and Safety Code. (2) Employer-assisted housing program includes monetary assistance for, or the subsidizing of, an employees rent or mortgage payments or employer-funded housing developments for employees.(c) 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.(d) It is the intent of the Legislature to comply with Section 41. SEC. 2. Section 23610.7 is added to the Revenue and Taxation Code, to read:23610.7. (a) For each taxable year beginning on or after January 1, 2019, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program.(b) For purposes of this section:(1) Affordable housing means housing developments in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons or families of low or moderate income, as defined in Section 50093 of the Health and Safety Code.(2) Employer-assisted housing program includes monetary assistance for, or the subsidizing of, an employees rent or mortgage payments or employer-funded housing developments for employees.(c) 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.(d) It is the intent of the Legislature to comply with Section 41.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.
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION Assembly Bill No. 2999Introduced by Assembly Member BontaFebruary 16, 2018 An act to add Sections 17057.7 and 23610.7 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy. LEGISLATIVE COUNSEL'S DIGESTAB 2999, as introduced, Bonta. Income taxes: credits: affordable housing: employer-assisted housing programs.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, 2019, in an amount equal to 50% of the amount of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing, as defined, for employees or the investment in an employer-assisted housing program, as defined. This bill would take effect immediately as a tax levy.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: NO
CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION
Assembly Bill No. 2999
Introduced by Assembly Member BontaFebruary 16, 2018
Introduced by Assembly Member Bonta
February 16, 2018
An act to add Sections 17057.7 and 23610.7 to the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
LEGISLATIVE COUNSEL'S DIGEST
## LEGISLATIVE COUNSEL'S DIGEST
AB 2999, as introduced, Bonta. Income taxes: credits: affordable housing: employer-assisted housing programs.
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, 2019, in an amount equal to 50% of the amount of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing, as defined, for employees or the investment in an employer-assisted housing program, as defined. This bill would take effect immediately as a tax levy.
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, 2019, in an amount equal to 50% of the amount of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing, as defined, for employees or the investment in an employer-assisted housing program, as defined.
This bill would take effect immediately as a tax levy.
## Digest Key
## Bill Text
The people of the State of California do enact as follows:SECTION 1. Section 17057.7 is added to the Revenue and Taxation Code, to read:17057.7. (a) For each taxable year beginning on or after January 1, 2019, 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 of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program.(b) For purposes of this section:(1) Affordable housing means housing developments in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons or families of low or moderate income, as defined in Section 50093 of the Health and Safety Code. (2) Employer-assisted housing program includes monetary assistance for, or the subsidizing of, an employees rent or mortgage payments or employer-funded housing developments for employees.(c) 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.(d) It is the intent of the Legislature to comply with Section 41. SEC. 2. Section 23610.7 is added to the Revenue and Taxation Code, to read:23610.7. (a) For each taxable year beginning on or after January 1, 2019, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program.(b) For purposes of this section:(1) Affordable housing means housing developments in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons or families of low or moderate income, as defined in Section 50093 of the Health and Safety Code.(2) Employer-assisted housing program includes monetary assistance for, or the subsidizing of, an employees rent or mortgage payments or employer-funded housing developments for employees.(c) 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.(d) It is the intent of the Legislature to comply with Section 41.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.
The people of the State of California do enact as follows:
## The people of the State of California do enact as follows:
SECTION 1. Section 17057.7 is added to the Revenue and Taxation Code, to read:17057.7. (a) For each taxable year beginning on or after January 1, 2019, 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 of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program.(b) For purposes of this section:(1) Affordable housing means housing developments in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons or families of low or moderate income, as defined in Section 50093 of the Health and Safety Code. (2) Employer-assisted housing program includes monetary assistance for, or the subsidizing of, an employees rent or mortgage payments or employer-funded housing developments for employees.(c) 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.(d) It is the intent of the Legislature to comply with Section 41.
SECTION 1. Section 17057.7 is added to the Revenue and Taxation Code, to read:
### SECTION 1.
17057.7. (a) For each taxable year beginning on or after January 1, 2019, 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 of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program.(b) For purposes of this section:(1) Affordable housing means housing developments in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons or families of low or moderate income, as defined in Section 50093 of the Health and Safety Code. (2) Employer-assisted housing program includes monetary assistance for, or the subsidizing of, an employees rent or mortgage payments or employer-funded housing developments for employees.(c) 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.(d) It is the intent of the Legislature to comply with Section 41.
17057.7. (a) For each taxable year beginning on or after January 1, 2019, 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 of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program.(b) For purposes of this section:(1) Affordable housing means housing developments in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons or families of low or moderate income, as defined in Section 50093 of the Health and Safety Code. (2) Employer-assisted housing program includes monetary assistance for, or the subsidizing of, an employees rent or mortgage payments or employer-funded housing developments for employees.(c) 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.(d) It is the intent of the Legislature to comply with Section 41.
17057.7. (a) For each taxable year beginning on or after January 1, 2019, 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 of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program.(b) For purposes of this section:(1) Affordable housing means housing developments in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons or families of low or moderate income, as defined in Section 50093 of the Health and Safety Code. (2) Employer-assisted housing program includes monetary assistance for, or the subsidizing of, an employees rent or mortgage payments or employer-funded housing developments for employees.(c) 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.(d) It is the intent of the Legislature to comply with Section 41.
17057.7. (a) For each taxable year beginning on or after January 1, 2019, 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 of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program.
(b) For purposes of this section:
(1) Affordable housing means housing developments in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons or families of low or moderate income, as defined in Section 50093 of the Health and Safety Code.
(2) Employer-assisted housing program includes monetary assistance for, or the subsidizing of, an employees rent or mortgage payments or employer-funded housing developments for employees.
(c) 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.
(d) It is the intent of the Legislature to comply with Section 41.
SEC. 2. Section 23610.7 is added to the Revenue and Taxation Code, to read:23610.7. (a) For each taxable year beginning on or after January 1, 2019, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program.(b) For purposes of this section:(1) Affordable housing means housing developments in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons or families of low or moderate income, as defined in Section 50093 of the Health and Safety Code.(2) Employer-assisted housing program includes monetary assistance for, or the subsidizing of, an employees rent or mortgage payments or employer-funded housing developments for employees.(c) 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.(d) It is the intent of the Legislature to comply with Section 41.
SEC. 2. Section 23610.7 is added to the Revenue and Taxation Code, to read:
### SEC. 2.
23610.7. (a) For each taxable year beginning on or after January 1, 2019, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program.(b) For purposes of this section:(1) Affordable housing means housing developments in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons or families of low or moderate income, as defined in Section 50093 of the Health and Safety Code.(2) Employer-assisted housing program includes monetary assistance for, or the subsidizing of, an employees rent or mortgage payments or employer-funded housing developments for employees.(c) 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.(d) It is the intent of the Legislature to comply with Section 41.
23610.7. (a) For each taxable year beginning on or after January 1, 2019, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program.(b) For purposes of this section:(1) Affordable housing means housing developments in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons or families of low or moderate income, as defined in Section 50093 of the Health and Safety Code.(2) Employer-assisted housing program includes monetary assistance for, or the subsidizing of, an employees rent or mortgage payments or employer-funded housing developments for employees.(c) 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.(d) It is the intent of the Legislature to comply with Section 41.
23610.7. (a) For each taxable year beginning on or after January 1, 2019, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program.(b) For purposes of this section:(1) Affordable housing means housing developments in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons or families of low or moderate income, as defined in Section 50093 of the Health and Safety Code.(2) Employer-assisted housing program includes monetary assistance for, or the subsidizing of, an employees rent or mortgage payments or employer-funded housing developments for employees.(c) 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.(d) It is the intent of the Legislature to comply with Section 41.
23610.7. (a) For each taxable year beginning on or after January 1, 2019, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 percent of the amount of cash paid or incurred, or the equivalent value of land or property donated, by an employer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program.
(b) For purposes of this section:
(1) Affordable housing means housing developments in which some of the dwelling units may be purchased or rented, with or without government assistance, on a basis that is affordable to persons or families of low or moderate income, as defined in Section 50093 of the Health and Safety Code.
(2) Employer-assisted housing program includes monetary assistance for, or the subsidizing of, an employees rent or mortgage payments or employer-funded housing developments for employees.
(c) 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.
(d) It is the intent of the Legislature to comply with Section 41.
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.
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.
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.
### SEC. 3.