Report 2015-127 Recommendation Responses
Report 2015-127: Corporate Income Tax Expenditures: The State's Regular Evaluation of Corporate Income Tax Expenditures Would Improve Their Efficiency and Effectiveness (Release Date: April 2016)
Recommendation for Legislative Action
To improve the effectiveness of the low-income housing credit, the Legislature should consider allowing low-income housing developers to sell project credits to investors in a manner that reduces the federal tax implications for investors who claim the credit.
Description of Legislative Action
AB 1288 (Quirk-Silva, 2022) would have, among other things, made a taxpayer who has purchased a low-income housing tax credit eligible to claim the credit commencing in the year the building is placed in service and the federal credit period commences notwithstanding that the California Tax Credit Allocation Committee has not certified the amount of the tax credit. The bill was vetoed by the Governor.
- Legislative Action Current As-of: November 2022
California State Auditor's Assessment of Annual Follow-Up Status: Legislation Proposed But Not Enacted
Description of Legislative Action
As of April 12, 2021, the Legislature has not taken action to address this specific recommendation.
- Legislative Action Current As-of: April 2021
California State Auditor's Assessment of Annual Follow-Up Status: No Action Taken
Description of Legislative Action
As of April 12, 2020, the Legislature has not taken action to address this specific recommendation.
- Legislative Action Current As-of: April 2020
California State Auditor's Assessment of Annual Follow-Up Status: No Action Taken
Description of Legislative Action
The Legislature has not taken any action to address this specific recommendation.
- Legislative Action Current As-of: April 2019
California State Auditor's Assessment of Annual Follow-Up Status: No Action Taken
Description of Legislative Action
Legislation has not been introduced to address this specific recommendation.
- Legislative Action Current As-of: April 2018