CA AB2999

Creates a 25% tax credit against personal income tax and corporation tax for donations of qualified land or property to nonprofit organizations that construct affordable housing, for taxable years 2019-2023.

Defines affordable housing as developments where 25% or more of dwelling units are affordable to low-income individuals and families, with deed restrictions lasting 55 years or more.

Limits aggregate credits allocated statewide to $10,000,000 per fiscal year, distributed on a first-come-first-served basis between personal and corporation tax credits.

Allows excess credits that exceed tax liability in a given year to be carried over to the following taxable year.

Repeals both credit provisions effective December 1, 2024, and requires tracking of affordable housing units constructed as a result of the credit.