CALIFORNIA LEGISLATURE— 2021–2022 REGULAR SESSION

Assembly Bill
No. 49

Introduced by Assembly Member Petrie-Norris

December 07, 2020

An act relating to the California Debt Limit Allocation Committee.


LEGISLATIVE COUNSEL'S DIGEST


AB 49, as introduced, Petrie-Norris. California Debt Limit Allocation Committee: elimination and allocation of duties.
Existing law establishes the California Debt Limit Allocation Committee for purposes of apportioning debt among agencies in connection with specified federal law that established a volume ceiling on the aggregate amount of private activity bonds that a state is permitted to issue. Under state law, the state ceiling for each calendar year is allocated to the committee to further allocate to state and local agencies. Existing law establishes the California Tax Credit Allocation Committee, which administers low-income housing tax credits established by federal law.
This bill would state the intent of the Legislature to enact future legislation that would eliminate the California Debt Limit Allocation Committee and that would transfer the duties and authority of that committee to the California Tax Credit Allocation Committee.
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 future legislation that would eliminate the California Debt Limit Allocation Committee and that would transfer the duties and authority of that committee to the California Tax Credit Allocation Committee.