CA AB1911

Establishes tax credits for taxable years 2023-2027 allowing taxpayers to claim credits of up to $1,000,000 (or 50% of federal/state capital gains taxes paid, whichever is less) capped at $20,000 per housing unit when purchasing qualified affordable housing developments from qualified developers.

Defines qualified developments as either at-risk multifamily housing with existing affordability restrictions or unrestricted multifamily rental housing, requiring developers to enter 55-year regulatory agreements maintaining affordability at 60% area median income levels.

Authorizes the California Tax Credit Allocation Committee to reserve and allocate credits on a first-come-first-served basis, establish approval criteria, and enter reservation agreements with qualified developers (limited to 3 active reservations per developer).

Sets aggregate credit allocation cap at $500,000,000 maximum, with credits distributed 50% in the year of sale and 50% in the following year, and allows unused credits to carry forward up to 7 years.

Credits are set at $0 unless a separate Budget Act appropriations bill specifies otherwise, and requires annual Legislative Analyst's Office reviews of program effectiveness beginning January 1, 2024.