Today's Law As Amended

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AB-570 Local Government Investment Act.(2019-2020)



SECTION 1.

 Article 4.7 (commencing with Section 53759) is added to Chapter 4 of Part 1 of Division 2 of Title 5 of the Government Code, to read:

Article  4.7. Local Government Investment Act
53759.
 For purposes of paragraph (4) of subdivision (b) of Section 1 of Article XIII A, Section 2.5 of Article XIII C, and subdivision (b) of Section 18 of Article XVI of the California Constitution and this article, “affordable housing” may include a first-time home buyer program offered by a local agency.
53759.1.
 A parcel tax imposed pursuant to Section 2.5 of Article XIII C of the California Constitution may include an exemption for any of the following taxpayers:
(a) Persons who are 65 years of age or older.
(b) Persons receiving Supplemental Security Income for a disability, regardless of age.
(c) Persons receiving Social Security Disability Insurance benefits, regardless of age, whose yearly income does not exceed 250 percent of the 2012 federal poverty guidelines issued by the United States Department of Health and Human Services.
SEC. 2.
 Section 1 of this act shall become operative only if Assembly Constitutional Amendment 1 of the 2019–20 Regular Session is approved by the voters and, in that event, shall become operative on January 1, 2021.