Low-income housing tax credits.

Existing law establishes a low-income housing tax credit program pursuant to which the California Tax Credit Allocation Committee provides procedures and requirements for the allocation of state insurance, income, and corporation tax credit amounts among low-income housing projects based on federal law. This bill would, for calendar years 2010 to 2013, inclusive, increase the aggregate housing credit dollar amount that may be allocated among low-income housing projects, as specified. This bill would, in the case of a project that receives a preliminary reservation of a state low-income housing tax credit on or after January 1, 2010, and before January 1, 2013, allow the income and corporation tax credit to be refundable pursuant to specified laws, and would make an appropriation therefor, as provided. This bill would also authorize the California Tax Credit Allocation Committee to require a fee to cover the costs incurred by the committee and the Franchise Tax Board to make these refunds. This bill would declare that it is to take effect immediately as an urgency statute.