Income taxes: credits: low-income housing: qualified opportunity zone.

(1) 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 taxpayer that is transferred, and allocated, credits pursuant to the sale of property located in a qualified opportunity zone to a qualified developer, as defined, that has received a credit reservation from the California Tax Credit Allocation Committee, in specified amounts. The bill would limit the aggregate amount of credit that may be allocated by the committee to $100,000,000. The bill would require the credits to be allocated on a first-come-first-served basis. (2) 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, in modified conformity with federal law, of personal income and corporation tax credit amounts to qualified low-income housing projects that have been allocated, or qualify for, a federal low-income housing tax credit, and farmworker housing projects. This bill, for taxable years beginning on or after January 1, 2020, and before January 1, 2025, would additionally authorize specified low-income housing projects located in qualified opportunity zones, as defined, to receive a low-income housing tax credit under a specified total credit amount of $200,000,000. (3) Existing law requires any bill authorizing a new tax credit to contain, among other things, specific goals, purposes, and objectives that the tax credit will achieve, detailed performance indicators, and data collection requirements. This bill would include additional information required for any bill authorizing a new income tax credit. The bill would require the Legislative Analyst's office to annually collaborate with the California Tax Credit Allocation Committee to review the effectiveness of these tax credits, as provided. (4) This bill would take effect immediately as a tax levy.