AB-480 • 2026

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

Elections Housing Taxes

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Quirk-Silva
Last action: 2025-10-10
Official status: Chaptered by Secretary of State - Chapter 492, Statutes of 2025.
Effective date: Not listed

Plain English Breakdown

The official source does not provide details on whether this change will affect housing development or the total amount of tax credits available annually.

Low-Income Housing Tax Credit Changes

This law changes how taxpayers can choose to sell parts of their low-income housing tax credits by allowing the California Tax Credit Allocation Committee (CTCAC) to prescribe the manner in which such elections are made.

What This Bill Does

Changes the way a taxpayer can decide to sell some or all of their low-income housing tax credits, with the process prescribed by the CTCAC.

Who It Names or Affects

Taxpayers who have low-income housing tax credits
The California Tax Credit Allocation Committee

Terms To Know

California Tax Credit Allocation Committee (CTCAC): A group that decides how to give out state tax credits for building homes for people with low incomes.

Limits and Unknowns

The bill does not specify the exact new rules for making these decisions.
It is unclear if this change will affect housing development for low-income families.

Bill History

2025-10-10 California Legislative Information
Chaptered by Secretary of State - Chapter 492, Statutes of 2025.
2025-10-10 California Legislative Information
Approved by the Governor.
2025-09-11 California Legislative Information
Enrolled and presented to the Governor at 4 p.m.
2025-09-04 California Legislative Information
In Assembly. Ordered to Engrossing and Enrolling.
2025-09-04 California Legislative Information
Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 2521.).
2025-09-02 California Legislative Information
Ordered to special consent calendar.
2025-08-29 California Legislative Information
Read second time. Ordered to third reading.
2025-08-29 California Legislative Information
From committee: Do pass. (Ayes 7. Noes 0.) (August 29).
2025-08-25 California Legislative Information
In committee: Referred to suspense file.
2025-08-13 California Legislative Information
In committee: Hearing postponed by committee.
2025-07-09 California Legislative Information
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To Consent Calendar. (Ayes 5. Noes 0.) (July 9). Re-referred to Com. on APPR.
2025-06-18 California Legislative Information
From committee: Do pass and re-refer to Com. on REV. & TAX. with recommendation: To Consent Calendar. (Ayes 9. Noes 0.) (June 17). Re-referred to Com. on REV. & TAX.
2025-06-11 California Legislative Information
Referred to Coms. on HOUSING and REV. & TAX.
2025-06-03 California Legislative Information
In Senate. Read first time. To Com. on RLS. for assignment.
2025-06-02 California Legislative Information
Read third time. Passed. Ordered to the Senate. (Ayes 79. Noes 0. Page 1832.)
2025-05-27 California Legislative Information
Read second time. Ordered to third reading.
2025-05-23 California Legislative Information
From committee: Do pass. (Ayes 14. Noes 0.) (May 23).
2025-05-21 California Legislative Information
Joint Rule 62(a), file notice suspended. (Page 1627.)
2025-05-21 California Legislative Information
In committee: Set, first hearing. Referred to APPR. suspense file.
2025-05-14 California Legislative Information
In committee: Hearing postponed by committee.
2025-04-29 California Legislative Information
From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 0.) (April 28). Re-referred to Com. on APPR.
2025-04-28 California Legislative Information
In committee: Set, first hearing. Referred to REV. & TAX. suspense file.
2025-04-21 California Legislative Information
In committee: Hearing postponed by committee.
2025-03-26 California Legislative Information
From committee: Do pass and re-refer to Com. on REV. & TAX. with recommendation: To Consent Calendar. (Ayes 10. Noes 0.) (March 26). Re-referred to Com. on REV. & TAX.
2025-03-03 California Legislative Information
Re-referred to Coms. on H. & C.D. and REV. & TAX. pursuant to Assembly Rule 96.
2025-02-24 California Legislative Information
Referred to Coms. on REV. & TAX. and H. & C.D.
2025-02-11 California Legislative Information
From printer. May be heard in committee March 13.
2025-02-10 California Legislative Information
Read first time. To print.

Official Summary Text

AB 480, Quirk-Silva.
Personal Income Tax Law: Corporation Tax Law: insurance tax law: low-income housing tax credit:
Existing law establishes a low-income housing tax credit program pursuant to which the California Tax Credit Allocation Committee (CTCAC) provides procedures and requirements for the allocation, in modified conformity with federal law, of state insurance, personal income, and corporation tax credit amounts to qualified low-income housing projects that have been allocated, or qualify for, a federal low-income housing tax credit, and farmworker housing. Existing law limits the total annual amount of the state low-income housing credit for which a federal low-income housing credit is required, as specified. That law authorizes a taxpayer to make an election in its application to the CTCAC to sell all or any portion of any credit allowed.
This bill would instead authorize a taxpayer to make that election in the manner
prescribed by the CTCAC, as provided.

Current Bill Text

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