AB 35 (Chiu)
Taxation: income taxes: very-low and extremely low-income housing credit.
Would allow a very low-income and extremely low-income housing credit against the Personal Income Tax Law and the Corporation Tax Law for each taxable year on or after January 1, 2015, in an amount computed and allowed in accordance with a specified section of the Internal Revenue Code, as provided. The bill would specify that a project is not required to have been previously or currently allocated a credit for federal or state income tax purposes, as specified.
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Income taxes: credits: low-income housing: allocation increase.