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, 2023, and before January 1, 2028, would allow a credit against those taxes to a taxpayer that is transferred, and allocated, credits pursuant to the sale of a specified multifamily rental housing development to a qualified developer, that has received a credit reservation from the California Tax Credit Allocation Committee, in specified amounts. The bill would define a qualified developer for purposes of this bill, in part, as a specified entity that commits, at application to the committee and under penalty of perjury, to employing a tax credit reservation allowed by the bill in the acquisition of a qualified development. By expanding the crime of perjury, this bill would impose a state-mandated local program. The bill would require the credits to be reserved on a first-come-first-served basis. The bill would limit the aggregate amount of credit that may be allocated by the committee, as provided. The bill would also provide that the credit amount shall be $0 for each taxable year beginning on or after January 1, 2023, and before January 1, 2028, unless otherwise specified in a bill providing for appropriations related to the Budget Act. Existing law requires that any bill introduced on or after January 1, 2020, that would authorize certain tax expenditures, as defined, or tax exemptions contain, among other things, specific goals, purposes, and objectives that the tax expenditure or exemption will achieve, detailed performance indicators, and data collection requirements. This bill would include additional information required for any bill authorizing a new tax expenditure. The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement. This bill would provide that no reimbursement is required by this act for a specified reason. This bill would take effect immediately as a tax levy.
Sponsored bills
This measure would respectfully memorialize the President of the United States and the Congress of the United States to take action to restore honor to Bernard B. James, and to take the necessary actions to ensure the treatment of Bernard B. James is rectified by a full exoneration, including having the military record of Bernard B. James cleared of any court judgment and less-than-honorable discharge.
This measure would declare March 13, 2022, to April 15, 2022, as Deaf History Month.
This measure would proclaim the month of April 2022 as Black April Memorial Month.
This measure would acknowledge the Muslim holy month of Ramadan and express the Legislature's respect to Muslims across California and throughout the world on this occasion.
This measure would recognize the value of all women's contributions to agriculture and resolve to help realize their success as leaders on the land.
This bill would proclaim the week of March 27, 2022, to April 2, 2022, inclusive, as Adult Education Week, and would honor the teachers, administrators, classified staff, and students of adult education programs statewide for their efforts, persistence, and accomplishments.
This measure would designate April 2, 2022, as World Autism Awareness Day and encourage residents of the state to show support for autism awareness.