Taxation: low-income housing credit.

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 insurance, income, and corporation tax credits among low-income housing projects based on federal law. This bill would authorize the California Tax Credit Allocation Committee, in any year beginning before January 1, 2016, in which it has a surplus of state insurance, income, and corporation tax credits to be allocated pursuant to the above provisions, with the approval of the applicant, to allocate those credits in excess of 30% of the eligible basis of a new building or rehabilitation expenditure and reduce the amount of federal credits accordingly to ensure that the combined amount of state and federal credits do not exceed the total credits allowable, provided the state credits shall not exceed 80% of the eligible basis, as prescribed. This bill would take effect immediately as a tax levy.