Today's Law As Amended

PDF |Add To My Favorites |Track Bill | print page

AB-264 Income taxes: credits: development impact fees.(2019-2020)



SECTION 1.

 Section 17060 is added to the Revenue and Taxation Code, to read:

17060.
 (a) For each taxable year beginning on or after January 1, 2020, there shall be allowed as a credit against the “net tax,” as defined in Section 17039, an amount equal to the total amount paid or incurred during the taxable year by a qualified taxpayer for eligible expenses.
(b) For purposes of this section:
(1) “Eligible expenses” means the total amount expended by the qualified taxpayer for the payment of development impact fees and connection fees applied to newly constructed single-family and multifamily homes.
(2) “Qualified taxpayer” means a homebuilder or developer engaged in the construction of new single-family and multifamily homes in the state.
(c) Section 41 shall not apply to the credit allowed by this section.

SEC. 2.

 Section 23647 is added to the Revenue and Taxation Code, to read:

23647.
 (a) For each taxable year beginning on or after January 1, 2020, there shall be allowed as a credit against the “tax,” as defined in Section 23036, an amount equal to the total amount paid or incurred during the taxable year by a qualified taxpayer for eligible expenses.
(b) For purposes of this section:
(1) “Eligible expenses” means the total amount expended by the qualified taxpayer for the payment of development impact fees and connection fees applied to newly constructed single-family and multifamily homes.
(2) “Qualified taxpayer” means a homebuilder or developer engaged in the construction of new single-family and multifamily homes in the state.
(c) Section 41 shall not apply to the credit allowed by this section.
SEC. 3.
 This act provides for a tax levy within the meaning of Article IV of the California Constitution and shall go into immediate effect.