AB 71 (Chiu) Income taxes: credits: low-income housing: farmworker housing.
Eliminates the deduction for interest on mortgages for a taxpayer’s 2nd residence, which should increase tax revenues by at least $300 million per year. The bill would then increase the aggregate housing credit dollar amount that may be allocated among low-income housing projects to $300,000,000 and would specifically allocate $25 million to farmworker housing projects--and makes several other technical changes to the low income tax credit program, including (significantly) allowing funds to be used to preserve certain existing low income buildings that might otherwise convert to market rate units.
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|Last Updated:||March 17, 2017|