Jesse Gabriel
- Democratic
- Assemblymember
- District 46
Author
(1) 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, 2021, and before January 1, 2026, would allow a credit against those taxes to a taxpayer that is transferred, and allocated, credits pursuant to the sale of a multifamily rental housing development or mobilehome park to a qualified developer, as defined, that has received a credit reservation from the California Tax Credit Allocation Committee, in specified amounts. 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, 2021, and before January 1, 2026, unless otherwise specified in a bill providing for appropriations related to the Budget Act. (2) 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 include additional information required for any bill authorizing a new income tax credit. (3) This bill would take effect immediately as a tax levy.
In committee: Held under submission.
In committee: Set, first hearing. Referred to APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (May 18). Re-referred to Com. on APPR.
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
In committee: Hearing for testimony only.
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
From printer. May be heard in committee March 6.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB2058 | HTML |
| 02/04/20 - Introduced | |
| 03/02/20 - Amended Assembly | |
| 05/12/20 - Amended Assembly |
| Document | Format |
|---|---|
| No related documents. |
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