AB 1670 (Gomez) Income taxes: credits: qualified developer: affordable housing.
The Personal Income Tax Law and the Corporation Tax Law allow various credits against the taxes imposed by those laws. This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2017, and before January 1, 2022, in an amount equal to 50% of the amount paid to a qualified developer during the taxable year by a taxpayer for the development of a qualified project, as defined, not to exceed $250,000. This bill would take effect immediately as a tax levy.
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|Last Updated:||April 13, 2017|