CA AB2922

Creates a 50% tax credit for contributions to qualified nonprofit developers for affordable housing projects, capped at $250,000 per taxpayer per project

Applies to both personal income tax and corporation tax for taxable years beginning January 1, 2019 through January 1, 2024

Limits total credits allocated statewide to $5 million per fiscal year, plus any unused credits from prior years

Qualified projects must provide owner-occupied housing for families earning 30-80% of area median income, with 30-year affordability restrictions and equity sharing provisions

Taxpayers must obtain tentative credit reservation from Franchise Tax Board before contributing, and unused credits may be carried forward for up to five years