California Revenue and Taxation Code

§ 237

RTC § 237 Effective Sep 22, 2024Div. 1 · Part 2 · Ch. 1 · Art. 1

Statute text

(a)(1) Subject to the requirements set forth in paragraph (2), there is exempt from taxation under this part that portion of the assessed value of property, owned and operated by a federally recognized Indian tribe, its tribally designated housing entity, or, for a property that has received a reservation of low-income housing tax credits pursuant to Section 42 of the Internal Revenue Code of 1986, a limited partnership that includes a federally recognized Indian tribe or its tribally designated housing entity as the sole general partner, that corresponds to that portion of the property that is continuously available to, or occupied by, lower income households, as defined in Section 50079.5 of the Health and Safety Code or applicable federal, state, or local financing agreements, at rents that do not exceed those prescribed by Section 50053 of the Health and Safety Code, or rents that do not exceed those prescribed by the terms of the applicable federal, state, or local financing agreements or financial assistance agreements.

(2)The exemption set forth in subdivision (a) applies only if the property and entity meet the following requirements:

(A)At least 30 percent of the property’s housing units are either continuously available to, or occupied by, lower income households, as defined in Section 50079.5 of the Health and Safety Code or applicable federal, state, or local financing agreements, at rents that do not exceed those prescribed by Section 50053 of the Health and Safety Code, or rents that do not exceed those prescribed by the terms of the applicable federal, state, or local financing agreements or financial assistance agreements.

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Legislative history

Amended by Stats. 2024, Ch. 498, Sec. 2. (SB 1527) Effective September 22, 2024.