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. 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. This bill, under both laws, for taxable years beginning on or after January 1, 2022, and before January 1, 2027, 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 $500 for each qualified property owned by the taxpayer, not to exceed $5,000 per taxable year. The bill would also 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.