17053.81.
(a) For each taxable year beginning on or after January 1, 2021, 2022, and before January 1, 2026, 2027, there shall be allowed a credit against the “net tax,” as defined in Section 17039, to a taxpayer that owns qualified property, in an amount equal to five hundred dollars ($500) for each qualified property owned by the taxpayer, not to exceed five thousand dollars ($5,000) per taxable year.(b) For purposes of this section, both of the following shall apply:
(1) “Qualified property” means a unit rented to, or leased by, qualified persons at below market rates.
(2) “Qualified persons” means persons receiving housing services or assistance from a nonprofit organization.
(c) A taxpayer that owns a proportional share of the qualified property may claim the credit allowed by this section based upon the taxpayer’s ownership share of the property.
(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, and succeeding years if necessary, until the credit is exhausted.
(e) (1) For purposes of complying with Section 41, with respect to this section and Section 23681, the Legislature finds and declares that the goal of the credits is to reduce homelessness by providing a tax incentive to property owners that rent or lease property at below market rates to persons receiving housing services or
assistance from a nonprofit organization.
(2) The effectiveness of the credits shall be measured by the number of taxpayers claiming the credit.
(3) The Franchise Tax Board, notwithstanding Section 19542, shall provide the number of taxpayers claiming the credit in this section and in Section 23681 to the Legislature in an annual report, submitted pursuant to Section 9795 of the Government Code.
(f) This section shall remain in effect only until December 1, 2026, 2027, and as of that date is
repealed.