CA AB346

California Debt Limit Allocation Committee (CDLAC) may adopt regulations without full Administrative Procedure Act compliance (only requiring notice, public comment period, and hearing) until January 1, 2029, when existing emergency regulation procedures resume.

Expands low-income housing tax credit allocation by allowing up to $500 million annually (2020 onward) for new federally-subsidized buildings and hotel conversions; nonfederally-subsidized projects eligible only when CDLAC declares bond authority competition or after final allocation round.

Allows taxpayers to claim low-income housing credits beginning when building is placed in service without waiting for California Tax Credit Allocation Committee certification, using certified public accountant's "taxpayer certification" instead, provided credits don't exceed preliminary reservation amounts.

Modifies "applicable percentage" definition to expand eligibility for buildings receiving 30% credit for first three years and 5% for fourth year (previously limited to $70 million allocation base).

Sets aside $25 million annually (2024-2034) from expanded credits for farmworker housing projects, with Legislature determining future allocations after 2034.