State government.

(1) Existing law provides that there is the Transit-Oriented Development Implementation Fund from which the Department of Housing and Community Development shall provide grants and loans to cities, counties, cities and counties, transit agencies, and developers for the purpose of developing or facilitating the development of higher density uses within close proximity to transit stations that will increase public transit riderships. Existing law appropriates various sums to this fund for use by the department for liquidation of encumbrances for limited periods of time, as specified. This bill instead would extend the period of time during which the appropriated funds shall be available for liquidation of encumbrances until June 30, 2017, subject to performance-based milestones to be established by the department. Existing law provides that there is the Regional Planning, Housing, and Infill Incentive Account in the Housing and Emergency Shelter Trust Fund of 2006 from which funds shall be available, upon appropriation by the Legislature, and subject to other conditions and criteria as the Legislature may provide in statute, for infill incentive grants for capital outlay related to infill housing development and other related infill development, and for brownfield cleanup that promotes infill housing development and other related infill development consistent with regional and local plans. Existing law appropriates various sums to this fund for use by the department for liquidation of encumbrances for limited periods of time, as specified. This bill instead would extend the period of time during which the appropriated funds shall be available for liquidation of encumbrances until June 30, 2017, subject to performance-based milestones to be established by the department. Because this bill would extend the period of time during which various appropriations are available for use by the department for particular purposes, this bill would make an appropriation. (2) Existing law requires the county auditor, in each fiscal year, to allocate property tax revenue to local jurisdictions in accordance with specified formulas and procedures, and generally requires that each jurisdiction be allocated an amount equal to the total of the amount of revenue allocated to that jurisdiction in the prior fiscal year, subject to certain modifications, and that jurisdiction's portion of the annual tax increment, as defined. Existing property tax law also reduces the amounts of ad valorem property tax revenue that would otherwise be annually allocated to the counties, cities, and special districts pursuant to these general allocation requirements by requiring, for purposes of determining property tax revenue allocations in each county for the 1992–93 and 1993–94 fiscal years, that the amounts of property tax revenue deemed allocated in the prior fiscal year to the counties, cities, and special districts be reduced in accordance with certain formulas. Existing law requires that the revenues not allocated to the counties, cities, and special districts as a result of these reductions be transferred to the Educational Revenue Augmentation Fund in that county for allocation to school districts, community college districts, and the county office of education. Existing law requires the county auditor to decrease, for the fiscal adjustment period, as defined, the amount of ad valorem property tax revenue allocated to a county's Educational Revenue Augmentation Fund by the countywide adjustment amount, as defined, and requires the auditor to instead allocate this amount to the Sales and Use Tax Compensation Fund in the county. Existing law requires, during this same period, the county auditor to allocate moneys from the Sales and Use Tax Compensation Fund to cities and counties to reimburse these entities for local tax revenue losses resulting from a specified statute, as provided. Existing law defines the "fiscal adjustment period" as the period beginning with the 2004–05 fiscal year and continuing through the fiscal year in which the Director of Finance provides a notification to the State Board of Equalization, as provided. Existing law specifies the manner in which the countywide adjustment amount is required to be calculated and to be allocated after the end of the fiscal adjustment period. This bill would redefine the "fiscal adjustment period" to instead mean the fiscal year in which the Director of Finance provides a specified notification to the State Board of Equalization or the fiscal year in which an additional countywide adjustment amount is determined by the Director of Finance, whichever is later. This bill would require the Director of Finance to estimate when the notification to the State Board of Equalization is likely to occur, and to determine the month of that notification, as provided. This bill would require the Director of Finance, in the calendar year quarter when the director determines that the notification to the State Board of Equalization will occur within either the current or subsequent quarter, to revise the countywide adjustment amount, as specified. This bill would require the Director of Finance, after the end of the revenue exchange period, to provide a schedule to the Controller and the auditor of each county and a copy to the Joint Legislative Budget Committee, of amounts required to be transferred from the Fiscal Recovery Fund to the Sales and Use Tax Compensation Fund in each county, as specified. This bill would require the Controller to transfer the amounts specified in the schedule from the Fiscal Recovery Fund to the Sales and Use Tax Compensation Fund in each county for allocation by the auditor of each county to the county and each city in the county, as provided, thereby making an appropriation. (3) The Personal Income Tax Law and the Corporation Tax Law exclude the recognition of any gain or loss on the exchange of property held for productive use in a trade or business or for investment, if that property is exchanged solely for property of a like kind that is to be held either for productive use in a trade or business or for investment. Existing law authorizes the Franchise Tax Board to propose an assessment upon a failure to file a return, as provided. This bill would, for exchanges that occur in taxable years beginning on or after January 1, 2014, require taxpayers to file an informational return with the Franchise Tax Board if the property acquired in the exchange is located out of state. The bill would authorize the Franchise Tax Board to make an estimate of the net income, from any available information, and to propose to assess the amount of tax, interest, and penalties due in a specified manner if the taxpayer fails to file the information return, and fails to file a tax return, as provided. (4) Existing law, the Housing and Emergency Shelter Trust Fund Act of 2006, authorizes the issuance of bonds in the amount of $2,850,000,000 pursuant to the State General Obligation Bond Law. Proceeds from the sale of these bonds are used to finance various existing housing programs, capital outlay related to infill development, brownfield cleanup that promotes infill development, housing-related parks, and transit-oriented development administered by the Department of Housing and Community Development. Existing law appropriates $50,000,000, and additional moneys, as specified, of bond revenues to the Department of Housing and Community Development. From that amount, existing law allocates $25,000,000, and additional moneys, as specified, from the Regional Planning, Housing, and Infill Incentive Account for infill incentive grants, and $25,000,000, and additional moneys, from the Transit-Oriented Development Implementation Fund for transit-oriented grants and loans, including any moneys allocated and appropriated that become disencumbered and redeposited in the Transit-Oriented Development Account during the 2012–13 fiscal year, for the purpose of funding transit-oriented grants and loans, as specified. This bill would additionally allocate any moneys allocated and appropriated that become disencumbered and redeposited in the Transit-Oriented Development Account during the 2013–14 fiscal year for the purpose of funding transit-oriented grants and loans, as specified, thereby making an appropriation. (5) This bill would declare that it is to take effect immediately as a bill providing for appropriations related to the Budget Bill.