AB 480: Personal Income Tax Law: Corporation Tax Law: insurance tax law: low-income housing tax credit:

This bill amends existing laws related to taxation in California. It establishes a low-income housing tax credit program, which provides procedures and requirements for allocating state tax credit amounts to qualified low-income housing projects. The program allows taxpayers to sell a portion of their credits to other entities, subject to certain rules. The bill simplifies the process for making this election by following the procedures prescribed by the California Tax Credit Allocation Committee.