Bill Text: CA AB1670 | 2017-2018 | Regular Session | Introduced

California Assembly Bill 1670 (Prior Session Legislation)

NOTE: There are more recent revisions of this legislation. Read Latest Draft

Bill Title: Income taxes: credits: qualified developer: affordable housing.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2018-02-01 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB1670 Detail]

Download: California-2017-AB1670-Introduced.html

CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill

No. 1670

Introduced by Assembly Member Gomez

February 17, 2017

An act relating to taxation.

LEGISLATIVE COUNSEL'S DIGEST

AB 1670, as introduced, 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.

Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO

The people of the State of California do enact as follows:

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.