CA AB1288

California Debt Limit Allocation Committee (CDLAC) may adopt, amend, or repeal rules without full Administrative Procedure Act compliance until January 1, 2028, with rules effective immediately upon adoption; after that date CDLAC reverts to emergency rulemaking procedures.

Increases low-income housing tax credit allocation by allowing California Tax Credit Allocation Committee (CTCAC) to allocate additional $500 million credits (2020+) to nonfederally subsidized and federally subsidized projects based on CDLAC bond competition declarations.

Expands farmworker housing tax credit set-asides: $25 million per year (2024-2034) from the additional allocation pool, with amounts determined by Legislature after 2034 based on Department of Housing and Community Development strategy.

Allows taxpayers who purchase low-income housing credits to claim credits starting when buildings are placed in service, before CTCAC final certification, if original recipient files taxpayer certification; CTCAC may rely on taxpayer certification or review it.

Removes limitation requiring buildings to receive $70 million allocation to qualify for enhanced 30%/5% applicable percentage, making this enhanced rate available to any qualifying low-income building meeting other criteria.