AB 952 - An Act to Amend Sections 12206, 17058, and 23610.5 of the Revenue and Taxation Code, Relating to Taxation, to Take Effect Immediately, Tax Levy.

Low-income housing tax credits. 2013-2014 Legislature. View bill details
Author(s):
Summary:
Existing law establishes a low-income housing tax credit program, administered by the California Tax Credit Allocation Committee, which provides procedures and requirements for the allocation of state tax credit amounts among low-income housing projects based on federal law, as modified. Existing law, among other things, allows the credit based on the applicable percentage, as defined.
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Existing law establishes a low-income housing tax credit program, administered by the California Tax Credit Allocation Committee, which provides procedures and requirements for the allocation of state tax credit amounts among low-income housing projects based on federal law, as modified. Existing law, among other things, allows the credit based on the applicable percentage, as defined.

Existing insurance taxation law prohibits a credit from being allocated under this law to buildings located in a difficult development area or a qualified census tract, as defined, for which the eligible basis of a new building or the rehabilitation expenditure of an existing building is 130% of a specified amount, unless the committee reduces the amount of federal credit, with the approval of the applicant, so that the combined amount of federal and state credit does not exceed the total credit allowable pursuant to this section and the Internal Revenue Code.

The Personal Income Tax Law and the Corporation Tax Law allow a credit for buildings located in designated difficult development areas or qualified census tracts, as defined, allocated in specified amounts, provided that the amount of credit allocated under the Section 42 of the Internal Revenue Code is computed on 100% of the qualified basis of the building.

This bill would, under the insurance taxation law, allow a credit for buildings located in designated difficult development areas or qualified census tracts allocated in the specified amounts, provided that the amount of credit allocated under Section 42 of the Internal Revenue Code is computed on 100% of the qualified basis of the building.

This bill would, under the insurance taxation law, the Personal Income Tax Law, and the Corporation Tax Law, authorize the California Tax Credit Allocation Committee to allocate a credit for buildings located in designated difficult development areas or qualified census tracts that are restricted to having 50% of its occupants be special needs households, as defined, even if the taxpayer receives specified federal credits, if the credit allowed under this section does not exceed 30% of the eligible basis of that building. This bill would, for purposes of all 3 laws, allow the California Tax Credit Allocation Committee to exchange federal low-income housing credits for state low-income housing credits, as specified.

This bill would take effect immediately as a tax levy. Hide
 
Status:
The bill has become law (chaptered). 
Assembly Vote: On Passage

PASSED on September 12, 2013.

voted YES: 78 voted NO: 0
0 voted present/not voting

An Act to Amend Sections 12206, 17058, and 23610.5 of the Revenue and Taxation Code, Relating to Taxation, to Take Effect Immediately, Tax Levy.

AB 952 — 2013-2014 Legislature

Summary
Existing law establishes a low-income housing tax credit program, administered by the California Tax Credit Allocation Committee, which provides procedures and requirements for the allocation of state tax credit amounts among low-income housing projects based on federal law, as modified. Existing law, among other things, allows the credit based on the applicable percentage, as defined.

Existing insurance taxation law prohibits a credit from being allocated under this law to buildings located in a difficult development area or a qualified census tract, as defined, for which the eligible basis of a new building or the rehabilitation expenditure of an existing building is 130% of a specified amount, unless the committee reduces the amount of federal credit, with the approval of the applicant, so that the combined amount of federal and state credit does not exceed the total credit allowable pursuant to this section and the Internal Revenue Code.

The Personal Income Tax Law and the Corporation Tax Law allow a credit for buildings located in designated difficult development areas or qualified census tracts, as defined, allocated in specified amounts, provided… More
Existing law establishes a low-income housing tax credit program, administered by the California Tax Credit Allocation Committee, which provides procedures and requirements for the allocation of state tax credit amounts among low-income housing projects based on federal law, as modified. Existing law, among other things, allows the credit based on the applicable percentage, as defined.

Existing insurance taxation law prohibits a credit from being allocated under this law to buildings located in a difficult development area or a qualified census tract, as defined, for which the eligible basis of a new building or the rehabilitation expenditure of an existing building is 130% of a specified amount, unless the committee reduces the amount of federal credit, with the approval of the applicant, so that the combined amount of federal and state credit does not exceed the total credit allowable pursuant to this section and the Internal Revenue Code.

The Personal Income Tax Law and the Corporation Tax Law allow a credit for buildings located in designated difficult development areas or qualified census tracts, as defined, allocated in specified amounts, provided that the amount of credit allocated under the Section 42 of the Internal Revenue Code is computed on 100% of the qualified basis of the building.

This bill would, under the insurance taxation law, allow a credit for buildings located in designated difficult development areas or qualified census tracts allocated in the specified amounts, provided that the amount of credit allocated under Section 42 of the Internal Revenue Code is computed on 100% of the qualified basis of the building.

This bill would, under the insurance taxation law, the Personal Income Tax Law, and the Corporation Tax Law, authorize the California Tax Credit Allocation Committee to allocate a credit for buildings located in designated difficult development areas or qualified census tracts that are restricted to having 50% of its occupants be special needs households, as defined, even if the taxpayer receives specified federal credits, if the credit allowed under this section does not exceed 30% of the eligible basis of that building. This bill would, for purposes of all 3 laws, allow the California Tax Credit Allocation Committee to exchange federal low-income housing credits for state low-income housing credits, as specified.

This bill would take effect immediately as a tax levy. Hide
Learn More
At LegInfo.ca.gov
Title
An Act to Amend Sections 12206, 17058, and 23610.5 of the Revenue and Taxation Code, Relating to Taxation, to Take Effect Immediately, Tax Levy.
Author(s)
Toni Atkins
Co-Authors
    Subjects
    • Low-income housing tax credits
    Major Actions
    Introduced2/22/2013
    Referred to Committee
    Passed Assembly Committee on Housing and Community Development4/03/2013
    Passed Assembly Committee on Revenue and Taxation5/13/2013
    Passed Assembly Committee on Appropriations5/24/2013
    Passed Assembly5/29/2013
    Passed Senate Committee on Transportation and Housing6/25/2013
    Passed Senate Committee on Governance and Finance8/14/2013
    Passed Senate Committee on Appropriations8/26/2013
    Passed Senate Committee on Appropriations8/30/2013
    Passed Senate9/12/2013
    Passed Assembly9/12/2013
    Presented to the governor (enrolled)9/26/2013
    Became law (chaptered).10/12/2013
    Bill History
    Chamber/CommitteeMotionDateResult
    select this voteAssembly Committee on Housing and Community DevelopmentDo pass and be re-referred to the Committee on Revenue and Taxation.4/03/2013This motion PASSED the Assembly Committee on Housing and Community Development
    7 voted YES 0 voted NO 0 voted present/not voting
    select this voteAssembly Committee on Revenue and TaxationDo pass and be re-referred to the Committee on Appropriations.5/13/2013This motion PASSED the Assembly Committee on Revenue and Taxation
    9 voted YES 0 voted NO 0 voted present/not voting
    select this voteAssembly Committee on AppropriationsDo pass.5/24/2013This motion PASSED the Assembly Committee on Appropriations
    17 voted YES 0 voted NO 0 voted present/not voting
    select this voteAssemblyAB 952 ATKINS Assembly Third Reading5/29/2013This bill PASSED the Assembly
    78 voted YES 0 voted NO 1 voted present/not voting
    select this voteSenate Committee on Transportation and HousingDo pass as amended, but re-refer to the Committee on Governance and Finance Recommend Consent.6/25/2013This motion PASSED the Senate Committee on Transportation and Housing
    9 voted YES 0 voted NO 2 voted present/not voting
    select this voteSenate Committee on Governance and FinanceDo pass, but re-refer to the Committee on Appropriations Recommend Consent.8/14/2013This motion PASSED the Senate Committee on Governance and Finance
    7 voted YES 0 voted NO 0 voted present/not voting
    select this voteSenate Committee on AppropriationsPlaced on Appropriations Suspense file.8/26/2013This motion PASSED the Senate Committee on Appropriations
    7 voted YES 0 voted NO 0 voted present/not voting
    select this voteSenate Committee on AppropriationsDo pass.8/30/2013This motion PASSED the Senate Committee on Appropriations
    7 voted YES 0 voted NO 0 voted present/not voting
    select this voteSenateSpecial Consent #10 AB952 Atkins By DeSaulnier9/12/2013This bill PASSED the Senate
    39 voted YES 0 voted NO 0 voted present/not voting
    currently selectedAssemblyAB 952 ATKINS Concurrence in Senate Amendments9/12/2013This bill PASSED the Assembly
    78 voted YES 0 voted NO 0 voted present/not voting
    ActionDateDescription
    Introduced2/22/2013
    2/22/2013Introduced. To print.
    2/24/2013From printer. May be heard in committee March 26.
    2/25/2013Read first time.
    3/07/2013Referred to Coms. on H. & C.D. and REV. & TAX.
    3/18/2013From committee chair, with author's amendments: Amend, and re-refer to Com. on H. & C.D. Read second time and amended.
    3/19/2013Re-referred to Com. on H. & C.D.
    4/03/2013From committee: Do pass and re-refer to Com. on REV. & TAX. (Ayes 7. Noes 0.) (April 3). Re-referred to Com. on REV. & TAX.
    select this voteVote4/03/2013Do pass and be re-referred to the Committee on Revenue and Taxation.
    5/02/2013From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
    5/06/2013Re-referred to Com. on REV. & TAX.
    select this voteVote5/13/2013Do pass and be re-referred to the Committee on Appropriations.
    5/13/2013In committee: Set, first hearing. Referred to REV. & TAX. suspense file.
    5/14/2013From committee: Do pass and re-refer to Com. on APPR. (Ayes 9. Noes 0.) (May 13). Re-referred to Com. on APPR.
    select this voteVote5/24/2013Do pass.
    5/29/2013Read third time. Passed. Ordered to the Senate.
    5/29/2013In Senate. Read first time. To Com. on RLS. for assignment.
    select this voteAssembly Vote on Passage5/29/2013AB 952 ATKINS Assembly Third Reading
    6/13/2013Referred to Coms. on T. & H. and GOV. & F.
    6/25/2013From committee: Do pass as amended and re-refer to Com. on GOV. & F. with recommendation: to consent calendar. (Ayes 9. Noes 0.) (June 25).
    select this voteVote6/25/2013Do pass as amended, but re-refer to the Committee on Governance and Finance Recommend Consent.
    6/26/2013Read second time and amended. Re-referred to Com. on GOV. & F.
    select this voteVote8/14/2013Do pass, but re-refer to the Committee on Appropriations Recommend Consent.
    8/14/2013From committee: Do pass and re-refer to Com. on APPR. with recommendation: to consent calendar. (Ayes 7. Noes 0.) (August 14). Re-referred to Com. on APPR.
    8/26/2013In committee: Placed on APPR. suspense file.
    select this voteVote8/26/2013Placed on Appropriations Suspense file.
    8/30/2013From committee: Do pass. (Ayes 7. Noes 0.) (August 30).
    select this voteVote8/30/2013Do pass.
    9/03/2013Read second time. Ordered to third reading.
    9/10/2013Ordered to special consent calendar.
    9/12/2013Read third time. Passed. Ordered to the Assembly.
    select this voteSenate Vote on Passage9/12/2013Special Consent #10 AB952 Atkins By DeSaulnier
    currently selectedAssembly Vote on Passage9/12/2013AB 952 ATKINS Concurrence in Senate Amendments
    9/26/2013Enrolled and presented to the Governor at 4:30 p.m.
    10/12/2013Approved by the Governor.
    10/12/2013Chaptered by Secretary of State - Chapter 771, Statutes of 2013.

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    0 Organizations Support and 0 Oppose

    Organizations that took a position on
    An Act to Amend Sections 12206, 17058, and 23610.5 of the Revenue and Taxation Code, Relating to Taxation, to Take Effect Immediately, Tax Levy.: AB 952 ATKINS Concurrence in Senate Amendments

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    0 organizations oppose this bill

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    Contributions data source: FollowTheMoney.org

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    Katcho AchadjianRCA-35$0$0Yes
    Luis AlejoDCA-30$0$0Yes
    Travis AllenRCA-72$0$0Yes
    Tom AmmianoDCA-17$0$0Yes
    Toni AtkinsDCA-78$0$0Yes
    Frank BigelowRCA-5$0$0Yes
    Richard BloomDCA-50$0$0Yes
    Raul BocanegraDCA-39$0$0Yes
    Susan BonillaDCA-14$0$0Yes
    Rob BontaDCA-18$0$0Yes
    Steven BradfordDCA-62$0$0Yes
    Cheryl BrownDCA-47$0$0Yes
    Joan BuchananDCA-16$0$0Yes
    Ian CalderonDCA-57$0$0Yes
    Nora CamposDCA-27$0$0Yes
    Ed ChauDCA-49$0$0Yes
    Rocky ChavezRCA-76$0$0Yes
    Wesley ChesbroDCA-2$0$0Yes
    Connie ConwayRCA-26$0$0Yes
    Ken CooleyDCA-8$0$0Yes
    Brian DahleRCA-1$0$0Yes
    Tom DalyDCA-69$0$0Yes
    Roger DickinsonDCA-7$0$0Yes
    Tim DonnellyRCA-33$0$0Yes
    Susan EggmanDCA-13$0$0Yes
    Paul FongDCA-28$0$0Yes
    Steve FoxDCA-36$0$0Yes
    Jim FrazierDCA-11$0$0Yes
    Beth GainesRCA-6$0$0Yes
    Cristina GarciaDCA-58$0$0Yes
    Mike GattoDCA-43$0$0Yes
    Jimmy GomezDCA-51$0$0Yes
    Lorena GonzalezDCA-80$0$0Yes
    Rich GordonDCA-24$0$0Yes
    Jeff GorellRCA-44$0$0Yes
    Adam GrayDCA-21$0$0Yes
    Shannon GroveRCA-34$0$0Yes
    Curt HagmanRCA-55$0$0Yes
    Isadore HallDCA-64$0$0Yes
    Diane HarkeyRCA-73$0$0Yes
    Roger HernandezDCA-48$0$0Yes
    Chris HoldenDCA-41$0$0Yes
    Brian JonesRCA-71$0$0Yes
    Reggie Jones-SawyerDCA-59$0$0Yes
    Marc LevineDCA-10$0$0Yes
    Eric LinderRCA-60$0$0Yes
    Dan LogueRCA-3$0$0Yes
    Bonnie LowenthalDCA-70$0$0Yes
    Brian MaienscheinRCA-77$0$0Yes
    Allan MansoorRCA-74$0$0Yes
    Jose MedinaDCA-61$0$0Yes
    Melissa MelendezRCA-67$0$0Yes
    Holly MitchellDCA-54$0$0Yes
    Mike MorrellRCA-40$0$0Yes
    Kevin MullinDCA-22$0$0Yes
    Al MuratsuchiDCA-66$0$0Yes
    Adrin NazarianDCA-46$0$0Yes
    Brian NestandeRCA-42$0$0Yes
    Kristin OlsenRCA-12$0$0Yes
    Richard PanDCA-9$0$0Yes
    Jim PattersonRCA-23$0$0Yes
    Henry PereaDCA-31$0$0Yes
    John PerezDCA-53$0$0Yes
    Manuel PerezDCA-56$0$0Yes
    Bill QuirkDCA-20$0$0Yes
    Sharon Quirk-SilvaDCA-65$0$0Yes
    Anthony RendonDCA-63$0$0Yes
    Rudy SalasDCA-32$0$0Yes
    Nancy SkinnerDCA-15$0$0Yes
    Mark StoneDCA-29$0$0Yes
    Phil TingDCA-19$0$0Yes
    Don WagnerRCA-68$0$0Yes
    Marie WaldronRCA-75$0$0Yes
    Shirley WeberDCA-79$0$0Yes
    Bob WieckowskiDCA-25$0$0Yes
    Scott WilkRCA-38$0$0Yes
    Das WilliamsDCA-37$0$0Yes
    Mariko YamadaDCA-4$0$0Yes

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