Toni Atkins
- Democratic
- Senator
- District 39
Author
The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill would allow to a taxpayer that receives a tax credit allocation a credit against those taxes for each taxable year beginning on or after January 1, 2021, and before January 1, 2026, in an amount, determined in modified conformity with a specified section of the Internal Revenue Code, for rehabilitation of certified historic structures and, under the Personal Income Tax Law, for a qualified residence. The bill would provide for a 20% credit, or 25% credit, of qualified rehabilitation expenditures if the structure meets specified criteria, for rehabilitation of a certified historic structure or a qualified residence, as provided, within the state to be allocated on a first-come-first-served basis by the California Tax Credit Allocation Committee, in conjunction with the Office of Historic Preservation, as provided. The bill would authorize both of these agencies to charge a reasonable fee not to exceed a specified amount for costs incurred in carrying out certain responsibilities related to the tax credit. The aggregate amount of credit would be $50,000,000 per calendar year, plus unused allocation tax credit for the preceding year, $10,000,000 of which would be set aside for rehabilitation projects for qualified residences and for rehabilitation projects with qualified rehabilitation expenditures of less than $1,000,000, as specified. The bill would require the Legislative Analyst to, on an annual basis, collaborate with the California Tax Credit Allocation Committee and the Office of Historic Preservation to review the effectiveness of the tax credit, as provided. The bill would also provide that the credit amount is $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. This bill would make specified findings detailing the goals, purposes, and objectives of the above-described tax credits, performance indicators for determining whether the credits meet those goals, purposes, and objectives, and data collection requirements. This bill would take effect immediately as a tax levy.
Approved by the Governor.
Chaptered by Secretary of State. Chapter 703, Statutes of 2019.
Enrolled and presented to the Governor at 3 p.m.
Assembly amendments concurred in. (Ayes 40. Noes 0. Page 2868.) Ordered to engrossing and enrolling.
Ordered to special consent calendar.
Read third time. Passed. (Ayes 77. Noes 0. Page 3336.) Ordered to the Senate.
In Senate. Concurrence in Assembly amendments pending.
Read third time and amended.
Ordered to third reading.
Read second time. Ordered to third reading.
Read second time and amended. Ordered to second reading.
From committee: Do pass as amended. (Ayes 18. Noes 0.) (August 30).
August 14 set for first hearing. Placed on APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 10. Noes 0.) (July 8). Re-referred to Com. on APPR.
July 1 hearing: Heard for testimony only.
In Assembly. Read first time. Held at Desk.
Read third time. Passed. (Ayes 36. Noes 0. Page 1339.) Ordered to the Assembly.
Read second time and amended. Ordered to third reading.
From committee: Do pass as amended. (Ayes 6. Noes 0. Page 1099.) (May 16).
Set for hearing May 16.
May 6 hearing: Placed on APPR. suspense file.
Set for hearing May 6.
Read second time and amended. Re-referred to Com. on APPR.
From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 5. Noes 0. Page 550.) (April 3).
Set for hearing April 3.
From printer. May be acted upon on or after March 24.
Introduced. Read first time. To Com. on RLS. for assignment. To print.
| Bill Text Versions | Format |
|---|---|
| SB451 | HTML |
| 02/21/19 - Introduced | |
| 04/08/19 - Amended Senate | |
| 05/21/19 - Amended Senate | |
| 09/03/19 - Amended Assembly | |
| 09/06/19 - Amended Assembly | |
| 09/13/19 - Enrolled | |
| 10/09/19 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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