LAW ALERT – New State Law SB 996 Increases Property Tax Welfare Exemption Fivefold for Non-publicly Financed Projects

October 25, 2016

In response to increasing costs of housing and California’s serious shortage of affordable housing, Governor Brown signed Senate Bill No. 996 (Hill) into law, amending section 214 of the California Revenue and Taxation Code (“RTC”) to increase the amount of the welfare exemption from property tax for non-publicly financed affordable housing owned by nonprofit entities, including eligible limited liability companies (“LLCs”). Click here to read more.