Income taxes: credits: development impact fees.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill would establish credits against the taxes imposed by those laws for taxable years beginning on or after January 1, 2020, in an amount equal to the total amount paid or incurred during the taxable year by a qualified taxpayer, as defined, for the payment of development impact fees and connection fees applied to newly constructed single-family and multifamily homes. This bill would take effect immediately as a tax levy.