CA AB480

Modifies California's low-income housing tax credit program to allow taxpayers to elect to sell all or any portion of their allocated credits "in the manner prescribed by the California Tax Credit Allocation Committee" rather than only through the application process

The election to sell credits can be made any time before the California Tax Credit Allocation Committee allocates a final credit amount for the project, at which point the election becomes irrevocable

Credits must be sold for consideration of not less than 80 percent of the credit amount

Applies the same procedural change across three Revenue and Taxation Code sections (12206, 17058, and 23610.5) covering insurance tax, personal income tax, and corporation tax credits respectively

Taxpayers who originally receive credits remain solely liable for all obligations and liabilities, while purchasers can utilize the credits in the same manner as the original recipient