AB 3160

  • California Assembly Bill
  • 2023-2024 Regular Session
  • Introduced in Assembly
  • Passed Assembly May 22, 2024
  • Passed Senate Aug 29, 2024
  • Governor

Insurance, income, and corporation taxes: credits: low-income housing.

Abstract

Existing law establishes a low-income housing tax credit program pursuant to which the California Tax Credit Allocation Committee provides procedures and requirements for the allocation, in modified conformity with federal law, of state insurance, personal income, and corporation tax credit amounts to qualified low-income housing projects that have been allocated, or qualify for, a federal low-income housing tax credit, and farmworker housing. Existing law limits the total annual amount of the state low-income housing credit for which a federal low-income housing credit is required to the sum of $70,000,000, as increased by any percentage increase in the Consumer Price Index for the preceding calendar year, any unused credit for the preceding calendar years, and the amount of housing credit ceiling returned in the calendar year. Existing law provides for an additional allocation of $500,000,000 in low-income housing tax credits for the 2020 calendar year and up to $500,000,000 for the 2021 calendar year and thereafter. Existing law provides that the additional amount for the 2021 calendar year and thereafter is available only if the Budget Act or related legislation specifies an amount available for allocation. This bill would instead require that this additional allocation of low-income housing tax credits be $500,000,000 for the 2020 calendar year through the 2030 calendar year, and up to $500,000,000 for the 2031 calendar year and every year thereafter. The bill would limit the requirement that this additional allocation is subject to the Budget Act or related legislation to allocations for the 2021 through the 2025 calendar years, and the 2031 calendar year and every year thereafter, thereby eliminating this requirement for the 2026 calendar year through the 2030 calendar year. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals that 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 provide that its provisions would become operative only if AB 3190 is enacted and becomes effective on or before January 1, 2025. This bill would incorporate additional changes to Sections 12206, 17058, and 23610.5 of the Revenue and Taxation Code proposed by AB 3035 to be operative only if this bill and AB 3035 are enacted and this bill is enacted last. This bill would take effect immediately as a tax levy.

Bill Sponsors (3)

Votes


Actions


Sep 27, 2024

Assembly

Vetoed by Governor.

Sep 11, 2024

California State Legislature

Enrolled and presented to the Governor at 4 p.m.

Aug 30, 2024

Assembly

Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 69. Noes 1.).

Assembly

In Assembly. Concurrence in Senate amendments pending.

Aug 29, 2024

Senate

Read third time. Passed. Ordered to the Assembly. (Ayes 33. Noes 5.).

Aug 26, 2024

Senate

Read second time. Ordered to third reading.

Aug 23, 2024

Senate

Read third time and amended. Ordered to second reading.

Aug 19, 2024

Senate

Read second time. Ordered to third reading.

Aug 15, 2024

Senate

Read second time and amended. Ordered returned to second reading.

Senate

From committee: Amend, and do pass as amended. (Ayes 5. Noes 2.) (August 15).

Aug 05, 2024

Senate

In committee: Referred to APPR suspense file.

  • Referral-Committee
APPR suspense file.

Jun 26, 2024

Senate

From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (June 26). Re-referred to Com. on APPR.

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

Jun 19, 2024

Senate

From committee: Do pass and re-refer to Com. on REV. & TAX. (Ayes 8. Noes 0.) (June 18). Re-referred to Com. on REV. & TAX.

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

Jun 05, 2024

Senate

Referred to Coms. on HOUSING and REV. & TAX.

  • Referral-Committee
Coms. on HOUSING and REV. & TAX.

May 23, 2024

Senate

In Senate. Read first time. To Com. on RLS. for assignment.

May 22, 2024

Assembly

Read third time. Passed. Ordered to the Senate. (Ayes 65. Noes 0. Page 5548.)

May 21, 2024

Assembly

Read second time. Ordered to third reading.

May 20, 2024

Assembly

Read second time and amended. Ordered returned to second reading.

Assembly

From committee: Amend, and do pass as amended. (Ayes 12. Noes 1.) (May 16).

May 16, 2024

Assembly

Joint Rule 62(a), file notice suspended. (Page 5215.)

May 15, 2024

Assembly

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

  • Referral-Committee
APPR APPR. suspense file.

Apr 30, 2024

Assembly

From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (April 29). Re-referred to Com. on APPR.

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

Apr 29, 2024

Assembly

In committee: Set, first hearing. Referred to REV. & TAX. suspense file.

  • Referral-Committee
REV. & TAX REV. & TAX. suspense file.

Apr 22, 2024

Assembly

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

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

Apr 18, 2024

Assembly

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

Apr 17, 2024

Assembly

From committee: Do pass and re-refer to Com. on REV. & TAX. (Ayes 8. Noes 0.) (April 17). Re-referred to Com. on REV. & TAX.

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

Assembly

Coauthors revised.

Apr 01, 2024

Assembly

Re-referred to Coms. on H. & C.D. and REV. & TAX.

  • Referral-Committee
Coms. on H. & C.D. and REV. & TAX.

Assembly

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

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

Mar 21, 2024

Assembly

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

Assembly

Referred to Coms. on REV. & TAX. and H. & C.D.

  • Referral-Committee
Coms. on REV. & TAX. and H. & C.D.

Feb 17, 2024

Assembly

From printer. May be heard in committee March 18.

Feb 16, 2024

Assembly

Read first time. To print.

Bill Text

Bill Text Versions Format
AB3160 HTML
02/16/24 - Introduced PDF
03/21/24 - Amended Assembly PDF
04/18/24 - Amended Assembly PDF
05/20/24 - Amended Assembly PDF
08/15/24 - Amended Senate PDF
08/23/24 - Amended Senate PDF
09/04/24 - Enrolled PDF

Related Documents

Document Format
04/15/24- Assembly Housing and Community Development PDF
04/26/24- Assembly Revenue and Taxation PDF
05/14/24- Assembly Appropriations PDF
05/21/24- ASSEMBLY FLOOR ANALYSIS PDF
06/13/24- Senate Housing PDF
06/21/24- Senate Revenue and Taxation PDF
08/02/24- Senate Appropriations PDF
08/17/24- Senate Appropriations PDF
08/19/24- Sen. Floor Analyses PDF
08/25/24- Sen. Floor Analyses PDF
08/30/24- ASSEMBLY FLOOR ANALYSIS PDF
10/10/24- ASSEMBLY FLOOR ANALYSIS PDF

Sources

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