Income taxes: credits: affordable housing.

The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2024, and before January 1, 2029, in an amount equal to 25% of the value of qualified land or property donated to a qualified nonprofit organization by an employer during the taxable year for the construction of affordable housing, as defined. The bill would limit the amount of credits allocated to an aggregate of $10,000,000, and the credits would be allocated on a first-come-first-served basis. Existing law requires a 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 would include additional information required for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy.