Income tax credits: leased or rented property: persons receiving housing services or assistance.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill, under both laws, for taxable years beginning on or after January 1, 2023, and before January 1, 2028, would allow a credit against those taxes to a taxpayer that owns a unit rented to, or leased by, persons receiving housing services or assistance, as specified, at below market rates, in an amount equal to the difference between the annual current rental market rate for the unit and the annual below market rate the unit is rented at, not to exceed $500 for each qualified property owned by the taxpayer, and not to exceed $5,000, cumulatively, per taxpayer per taxable year. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives the tax expenditure will achieve, detailed performance indicators, and data collection requirements. The bill would provide findings to comply with the additional information requirement for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy.