Bill Text: CA SB521 | 2019-2020 | Regular Session | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Income and corporation taxes: credits: leased or rented property: persons receiving Section 8 assistance.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Engrossed - Dead) 2019-08-30 - August 30 hearing: Held in committee and under submission. [SB521 Detail]
Download: California-2019-SB521-Amended.html
____ dollars
($____) 3 percent of the qualified amount per qualified property. ____ dollars
($____) 3 percent of the qualified amount per qualified property.
Bill Title: Income and corporation taxes: credits: leased or rented property: persons receiving Section 8 assistance.
Spectrum: Partisan Bill (Democrat 4-0)
Status: (Engrossed - Dead) 2019-08-30 - August 30 hearing: Held in committee and under submission. [SB521 Detail]
Download: California-2019-SB521-Amended.html
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Amended
IN
Senate
May 07, 2019 |
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Amended
IN
Senate
April 25, 2019 |
CALIFORNIA LEGISLATURE—
2019–2020 REGULAR SESSION
| Senate Bill | No. 521 |
| Introduced by Senator Portantino (Coauthors: Senators Beall and Wiener) |
February 21, 2019 |
An act to add and repeal Sections 17053.80 and 23680 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
LEGISLATIVE COUNSEL'S DIGEST
SB 521, as amended, Portantino.
Income and corporation taxes: credits: leased or rented property: persons receiving Section 8 assistance.
The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws.
This bill, for taxable years beginning on or after January 1, 2020, and before January 1, 2025, would allow a credit against those taxes to a qualified taxpayer, as defined, in an amount equal to $____ 3% of the amount of rent or lease payments in the form of certain federal housing assistance vouchers per qualified property, as defined. defined as a dwelling or unit
rented or leased to persons receiving certain federal assistance. The bill would require the taxpayer, to be eligible for the credit, to obtain verification from the appropriate local housing authority, as defined, that the property for which a credit is claimed satisfies the definition of qualified property and to provide a copy of the verification to the Franchise Tax Board. This bill would limit the credit to 5 qualified properties per taxpayer per taxable year.
By imposing new duties upon local government officials with respect to the verification of qualified properties, this bill would impose a state-mandated local program.
The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory
provisions establish procedures for making that reimbursement.
This bill would provide that, if the Commission on State Mandates determines that the bill contains costs mandated by the state, reimbursement for those costs shall be made pursuant to the statutory provisions noted above.
This bill would take effect immediately as a tax levy.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: YESBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 17053.80 is added to the Revenue and Taxation Code, to read:17053.80.
(a) For each taxable year beginning on or after January 1, 2020, and before January 1, 2025, there shall be allowed to a qualified taxpayer a credit against the “net tax,” as defined in Section 17039, in an amount equal to(b) For purposes of this section:
(1) “Local housing authority” means a housing authority created pursuant to Chapter 1 (commencing with Section 34200) of Part 2 of Division 24 of the Health and Safety Code.
(2) “Qualified amount” means the total amount of rent or lease payments in the form of federal housing assistance vouchers issued under Section 1437f of Title 42 of the United States Code, not including project-based vouchers as provided by Section 1437f(o)(13) of Title 42 of the United States Code, received by the
qualified taxpayer during the taxable year in which the credit is claimed.
(2)
(3) “Qualified property” means a dwelling or unit that is rented or leased to persons receiving assistance under Section 8 of the United State Housing Act of 1937 (42 U.S.C. Sec. 1437 et seq.) for at least three months of the taxable year in which the credit is claimed. 1437f).
(3)
(4) “Qualified taxpayer” means a taxpayer that satisfies both of the following:
(A) Owns qualified property.
(B) Enters into a new contract or contracts to rent or lease qualified property on or after January 1, 2020.
(c) To be eligible for the credit, the qualified taxpayer shall obtain verification from the appropriate local housing authority that the property for which a credit is claimed satisfies the definition of qualified property. The qualified taxpayer shall provide a copy of the verification to the Franchise Tax Board.
(d) A qualified taxpayer shall not receive a credit for more than ____ five qualified properties per taxable year.
(e) 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 eight years if necessary, until the credit is exhausted.
(f) Section 41 does not apply to the credit allowed by this section.
(g) This section shall remain in effect only until December 1, 2025, and as of that date is repealed.
SEC. 2.
Section 23680 is added to the Revenue and Taxation Code, to read:23680.
(a) For each taxable year beginning on or after January 1, 2020, and before January 1, 2025, there shall be allowed to a qualified taxpayer a credit against the “tax,” as defined in Section 23036, in an amount equal to(b) For purposes of this section:
(1) “Local housing authority” means a housing authority created pursuant to Chapter 1 (commencing with Section 34200) of Part 2 of Division 24 of the Health and Safety Code.
(2) “Qualified amount” means the total amount of rent or lease payments in the form of federal housing assistance vouchers issued under Section 1437f of Title 42 of the United States Code, not including project-based vouchers as provided by Section 1437f(o)(13) of Title 42 of the United States Code, received by
the qualified taxpayer during the taxable year in which the credit is claimed.
(2)
(3) “Qualified property” means a dwelling or unit that is rented or leased to persons receiving assistance under Section 8 of the United State Housing Act of 1937 (42 U.S.C. Sec. 1437 et seq.) for at least three months of the taxable year in which the credit is claimed. 1437f).
(3)
(4) “Qualified taxpayer” means a taxpayer that satisfies both of the following:
(A) Owns qualified property.
(B) Enters into a new contract or contracts to rent or lease qualified property on or after January 1, 2020.
(c) To be eligible for the credit, the qualified taxpayer shall obtain verification from the appropriate local housing authority that the property for which a credit is claimed satisfies the definition of qualified property. The qualified taxpayer shall provide a copy of the verification to the Franchise Tax Board.
(d) A qualified taxpayer shall not receive a credit for more than ____ five qualified properties per taxable year.
(e) 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, and succeeding eight years if necessary, until the credit is exhausted.
(f) Section 41 does not apply to the credit allowed by this section.
(g) This section shall remain in effect only until December 1, 2025, and as of that date is repealed.
