Bill > AB480

This bill amends sections of the Revenue and Taxation Code related to low-income housing tax credits. The bill modifies provisions for the state's low-income housing tax credit program, which allows tax credits for developers of affordable housing projects. Specifically, the bill authorizes taxpayers to make an election to sell all or a portion of their tax credits to other parties, with some key conditions: the credit must be sold for at least 80% of its value, the original taxpayer must report the sale to the California Tax Credit Allocation Committee within 10 days, and the original taxpayer remains liable for all obligations related to the credit. The bill also makes technical changes to how these credits are allocated, including provisions for farmworker housing, updates to allocation methodologies, and adjustments to how credits can be used across different types of housing projects. The changes aim to increase the production of affordable housing, particularly for very low-income and extremely low-income households, and provide more flexibility for developers in how they can utilize tax credits.

Budget and Finance, Housing and Urban Affairs

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB480