CA SB935

Allows a tax credit equal to 20% of development costs for qualified school staff housing projects for taxable years beginning January 1, 2025 through December 31, 2029.

Applies to both Personal Income Tax Law and Corporation Tax Law; credit is available to qualified taxpayers (developers) who enter agreements with school districts or local governments.

Qualified projects must be located on land owned by a school district or local government, developed by a qualified taxpayer, and restricted to occupancy by full-time school district employees.

Excess credits may be carried over to reduce taxes in the following five years until the credit is exhausted.

Requires Franchise Tax Board to report to the Legislature by May 1, 2027 and annually thereafter on the number of taxpayers receiving credits and average credit amounts; the entire provision repeals December 1, 2030.