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| 1 | + | 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. | |
| 2 | 2 | ||
| 3 | - | ||
| 3 | + | 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 | |
| 4 | 4 | ||
| 5 | - | Amended IN Assembly May 10, 2018 | |
| 6 | 5 | ||
| 7 | - | Amended IN Assembly May 10, 2018 | |
| 6 | + | ||
| 7 | + | ||
| 8 | 8 | ||
| 9 | 9 | CALIFORNIA LEGISLATURE 20172018 REGULAR SESSION | |
| 10 | 10 | ||
| 11 | 11 | Assembly Bill No. 2999 | |
| 12 | 12 | ||
| 13 | 13 | Introduced by Assembly Member BontaFebruary 16, 2018 | |
| 14 | 14 | ||
| 15 | 15 | Introduced by Assembly Member Bonta | |
| 16 | 16 | February 16, 2018 | |
| 17 | 17 | ||
| 18 | - | An act to add | |
| 18 | + | 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. | |
| 19 | 19 | ||
| 20 | 20 | LEGISLATIVE COUNSEL'S DIGEST | |
| 21 | 21 | ||
| 22 | 22 | ## LEGISLATIVE COUNSEL'S DIGEST | |
| 23 | 23 | ||
| 24 | - | AB 2999, as | |
| 24 | + | AB 2999, as introduced, Bonta. Income taxes: credits: affordable housing: employer-assisted housing programs. | |
| 25 | 25 | ||
| 26 | - | 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, | |
| 26 | + | 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. | |
| 27 | 27 | ||
| 28 | 28 | The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. | |
| 29 | 29 | ||
| 30 | - | This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2019, | |
| 30 | + | 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. | |
| 31 | 31 | ||
| 32 | 32 | This bill would take effect immediately as a tax levy. | |
| 33 | 33 | ||
| 34 | 34 | ## Digest Key | |
| 35 | 35 | ||
| 36 | 36 | ## Bill Text | |
| 37 | 37 | ||
| 38 | - | 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, | |
| 38 | + | 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. | |
| 39 | 39 | ||
| 40 | 40 | The people of the State of California do enact as follows: | |
| 41 | 41 | ||
| 42 | 42 | ## The people of the State of California do enact as follows: | |
| 43 | 43 | ||
| 44 | - | 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, | |
| 44 | + | 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. | |
| 45 | 45 | ||
| 46 | 46 | SECTION 1. Section 17057.7 is added to the Revenue and Taxation Code, to read: | |
| 47 | 47 | ||
| 48 | 48 | ### SECTION 1. | |
| 49 | 49 | ||
| 50 | - | 17057.7. (a) For each taxable year beginning on or after January 1, 2019 | |
| 50 | + | 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. | |
| 51 | 51 | ||
| 52 | - | 17057.7. (a) For each taxable year beginning on or after January 1, 2019 | |
| 52 | + | 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. | |
| 53 | 53 | ||
| 54 | - | 17057.7. (a) For each taxable year beginning on or after January 1, 2019 | |
| 54 | + | 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. | |
| 55 | 55 | ||
| 56 | 56 | ||
| 57 | 57 | ||
| 58 | - | 17057.7. (a) For each taxable year beginning on or after January 1, 2019 | |
| 58 | + | 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. | |
| 59 | 59 | ||
| 60 | 60 | (b) For purposes of this section: | |
| 61 | 61 | ||
| 62 | - | (1) Affordable housing means housing developments in which some | |
| 62 | + | (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. | |
| 63 | 63 | ||
| 64 | 64 | (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. | |
| 65 | 65 | ||
| 66 | - | ||
| 67 | - | ||
| 68 | - | (2) Individuals and families of low income or individuals of low income means individuals or families who are eligible for financial assistance specifically provided by a governmental agency for the benefit of occupants of housing financed pursuant to Division 31 (commencing with Section 50000) of the Health and Safety Code. | |
| 69 | - | ||
| 70 | - | (3) Nonprofit organization means a nonprofit charitable organization exempt from federal income tax as an organization described in Section 501(c)(3) of the Internal Revenue Code that constructs affordable housing. | |
| 71 | - | ||
| 72 | - | (4) Qualified land or property means land or property that is deed restricted to ensure that the affordable housing units, if rented, shall be made available to individuals and families of low income for a period of 55 years or more. | |
| 73 | - | ||
| 74 | - | (c) The aggregate amount of credits that may be allocated in any fiscal year pursuant to this section and Section 23610.7 shall be ten million dollars ($10,000,000) and these credits shall be allocated on a first-come-first-served basis. | |
| 75 | - | ||
| 76 | - | (c) | |
| 77 | - | ||
| 78 | - | ||
| 79 | - | ||
| 80 | - | (d) 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. | |
| 66 | + | (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. | |
| 81 | 67 | ||
| 82 | 68 | (d) It is the intent of the Legislature to comply with Section 41. | |
| 83 | 69 | ||
| 84 | - | ||
| 85 | - | ||
| 86 | - | (e) In compliance with Section 41, the ____ shall track the number of affordable housing units that are constructed by a nonprofit organization as a result of this credit. | |
| 87 | - | ||
| 88 | - | (f) This section shall remain in effect only until December 1, 2024, and as of that date is repealed. | |
| 89 | - | ||
| 90 | - | 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, and before January 1, 2024, there shall be allowed as a credit against the tax, as defined in Section 23036, an amount equal to 50 25 percent of the amount of cash paid or incurred, or the equivalent value of qualified land or property donated, by an employer donated to a nonprofit organization by a taxpayer during the taxable year for the construction of affordable housing for employees or the investment in an employer-assisted housing program. housing.(b) For purposes of this section:(1) Affordable housing means housing developments in which some 25 percent or more 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. individuals and families of low income, and to which employees of the taxpayer who are individuals of low income have first priority to purchase or rent.(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.(2) Individuals and families of low income or individuals of low income means individuals or families who are eligible for financial assistance specifically provided by a governmental agency for the benefit of occupants of housing financed pursuant to Division 31 (commencing with Section 50000) of the Health and Safety Code.(3) Nonprofit organization means a nonprofit charitable organization exempt from federal income tax as an organization described in Section 501(c)(3) of the Internal Revenue Code that constructs affordable housing.(4) Qualified land or property means land or property that is deed restricted to ensure that the affordable housing units, if rented, shall be made available to individuals and families of low income for a period of 55 years or more.(c) The aggregate amount of credits that may be allocated in any fiscal year pursuant to this section and Section 17057.7 shall be ten million dollars ($10,000,000) and these credits shall be allocated on a first-come-first-served basis.(c)(d) 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.(e) In compliance with Section 41, the ____ shall track the number of affordable housing units that are constructed by a nonprofit organization as a result of this credit.(f) This section shall remain in effect only until December 1, 2024, and as of that date is repealed. | |
| 70 | + | 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. | |
| 91 | 71 | ||
| 92 | 72 | SEC. 2. Section 23610.7 is added to the Revenue and Taxation Code, to read: | |
| 93 | 73 | ||
| 94 | 74 | ### SEC. 2. | |
| 95 | 75 | ||
| 96 | - | 23610.7. (a) For each taxable year beginning on or after January 1, 2019 | |
| 76 | + | 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. | |
| 97 | 77 | ||
| 98 | - | 23610.7. (a) For each taxable year beginning on or after January 1, 2019 | |
| 78 | + | 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. | |
| 99 | 79 | ||
| 100 | - | 23610.7. (a) For each taxable year beginning on or after January 1, 2019 | |
| 80 | + | 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. | |
| 101 | 81 | ||
| 102 | 82 | ||
| 103 | 83 | ||
| 104 | - | 23610.7. (a) For each taxable year beginning on or after January 1, 2019 | |
| 84 | + | 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. | |
| 105 | 85 | ||
| 106 | 86 | (b) For purposes of this section: | |
| 107 | 87 | ||
| 108 | - | (1) Affordable housing means housing developments in which some | |
| 88 | + | (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. | |
| 109 | 89 | ||
| 110 | 90 | (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. | |
| 111 | 91 | ||
| 112 | - | ||
| 113 | - | ||
| 114 | - | (2) Individuals and families of low income or individuals of low income means individuals or families who are eligible for financial assistance specifically provided by a governmental agency for the benefit of occupants of housing financed pursuant to Division 31 (commencing with Section 50000) of the Health and Safety Code. | |
| 115 | - | ||
| 116 | - | (3) Nonprofit organization means a nonprofit charitable organization exempt from federal income tax as an organization described in Section 501(c)(3) of the Internal Revenue Code that constructs affordable housing. | |
| 117 | - | ||
| 118 | - | (4) Qualified land or property means land or property that is deed restricted to ensure that the affordable housing units, if rented, shall be made available to individuals and families of low income for a period of 55 years or more. | |
| 119 | - | ||
| 120 | - | (c) The aggregate amount of credits that may be allocated in any fiscal year pursuant to this section and Section 17057.7 shall be ten million dollars ($10,000,000) and these credits shall be allocated on a first-come-first-served basis. | |
| 121 | - | ||
| 122 | - | (c) | |
| 123 | - | ||
| 124 | - | ||
| 125 | - | ||
| 126 | - | (d) 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. | |
| 92 | + | (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. | |
| 127 | 93 | ||
| 128 | 94 | (d) It is the intent of the Legislature to comply with Section 41. | |
| 129 | - | ||
| 130 | - | ||
| 131 | - | ||
| 132 | - | (e) In compliance with Section 41, the ____ shall track the number of affordable housing units that are constructed by a nonprofit organization as a result of this credit. | |
| 133 | - | ||
| 134 | - | (f) This section shall remain in effect only until December 1, 2024, and as of that date is repealed. | |
| 135 | 95 | ||
| 136 | 96 | 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. | |
| 137 | 97 | ||
| 138 | 98 | 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. | |
| 139 | 99 | ||
| 140 | 100 | 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. | |
| 141 | 101 | ||
| 142 | 102 | ### SEC. 3. |