Income taxes: credits: qualified developer: affordable housing.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. 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 allow a credit against those taxes for each taxable year beginning on or after January 1, 2020, and before January 1, 2025, to a taxpayer in an amount equal to 50% of the amount contributed by the taxpayer to a qualified developer for the development of a qualified project, as defined, but that does not exceed a specified amount per taxpayer per qualified project. The bill would also limit the aggregate amount of the credit, as specified. The bill would provide findings and declarations relating to the goals of this credit. This bill would take effect immediately as a tax levy.