AB 2058

  • California Assembly Bill
  • 2019-2020 Regular Session
  • Introduced in Assembly
  • Assembly
  • Senate
  • Governor

Income taxes: credits: low-income housing.

Abstract

(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.

Bill Sponsors (21)

Votes


Actions


Jun 03, 2020

Assembly

In committee: Held under submission.

Jun 02, 2020

Assembly

In committee: Set, first hearing. Referred to APPR. suspense file.

  • Referral-Committee
APPR. suspense file. APPR

May 18, 2020

Assembly

From committee: Do pass and re-refer to Com. on APPR. (Ayes 11. Noes 0.) (May 18). Re-referred to Com. on APPR.

  • Committee-Passage-Favorable
  • Committee-Passage
  • Referral-Committee
Com. on APPR.

May 13, 2020

Assembly

Re-referred to Com. on REV. & TAX.

  • Referral-Committee
Com. on REV. & TAX.

May 12, 2020

Assembly

From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

Mar 09, 2020

Assembly

In committee: Hearing for testimony only.

Mar 04, 2020

Assembly

Re-referred to Com. on REV. & TAX.

  • Referral-Committee
Com. on REV. & TAX.

Mar 02, 2020

Assembly

From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.

Feb 14, 2020

Assembly

Referred to Com. on REV. & TAX.

  • Referral-Committee
Com. on REV. & TAX.

Feb 05, 2020

Assembly

From printer. May be heard in committee March 6.

Feb 04, 2020

Assembly

Read first time. To print.

Bill Text

Bill Text Versions Format
AB2058 HTML
02/04/20 - Introduced PDF
03/02/20 - Amended Assembly PDF
05/12/20 - Amended Assembly PDF

Related Documents

Document Format
No related documents.

Sources

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