California Low Income Housing Tax Credit

California Low Income Housing Tax Credit Summary

  • Applicable against corporate franchise, individual income, and insurance company tax (other than tax on ocean marine insurers).
  • Credit claimed over 4-year period (10-year for Federal).
  • 30-year compliance period (instead of 15).  Taxpayers have to comply with 30-year regulatory agreement.
  • Carryover of excess credits and may be used beyond the credit’s repeal date until exhausted.
  • Corporations eligible for credits may transfer credits to other affiliated corporations.
  • Credit can be sold under certain conditions.