CA AB3050

Amends Section 214.2 of the Revenue and Taxation Code to expand the definition of "facilities in the course of construction" for property tax welfare exemptions.

Specifies that "facilities in the course of construction" includes demolition or razing of buildings intended for replacement with religious, hospital, or charitable facilities, and definite onsite physical activity connected with construction or rehabilitation resulting in visible changes.

For lien dates from January 1, 2021 through December 31, 2025, includes acquisition of property or control of a site by qualifying organizations with intent to use the property for a low-income housing project eligible for partial exemption.

Provides that the state shall not reimburse local agencies for property tax revenues lost due to this bill, notwithstanding existing reimbursement requirements.

Takes effect immediately as a tax levy.