The Assembly Revenue and Taxation Committee unanimously advanced AB 672 on Aug. 27, moving forward a Senate-amended bill that would extend a property-tax exemption for community land trust projects.
During the hearing, supporters said the existing exemption has helped community land trusts build or refurbish 101 units of low-income housing over the past five years at a state tax cost of less than $400,000. They also said the current exemption is set to sunset Jan. 1.
According to the committee hearing summary, members first approved the bill on a 5-0 vote and later confirmed it on a 6-0 roll call after reopening the vote for an absent member.
The bill now moves one step closer to preserving a tax break tied to permanently affordable housing projects, though the available record does not include the amended bill text or the committee's full fiscal analysis. The committee hearing summary is here.
