Income taxes: credits: affordable housing.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2019, and before January 1, 2024, in an amount equal to 25% of the value of qualified land or property donated to a nonprofit organization by a taxpayer during the taxable year for the construction of affordable housing, as defined. The bill would limit the aggregate amount of these credits to be allocated in any fiscal year to up to $10,000,000 and would require these credits to be allocated on a first-come-first-served basis. This bill would take effect immediately as a tax levy.