Bill Text: CA SB1435 | 2019-2020 | Regular Session | Amended
Bill Title: Opportunity zone funds: reporting.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-04-09 - From committee with author's amendments. Read second time and amended. Re-referred to Com. on B., P. & E.D. [SB1435 Detail]
Download: California-2019-SB1435-Amended.html
Amended
IN
Senate
April 09, 2020 |
Introduced by Senator Durazo |
February 21, 2020 |
LEGISLATIVE COUNSEL'S DIGEST
This bill would state the intent of the Legislature to enact legislation that would accomplish specified acts, including imposing a registration fee on the development of projects within a California opportunity zone, that would be paid by the managers of qualified opportunity zone funds funding the project, calculated by the size and type of development project.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program:Bill Text
The people of the State of California do enact as follows:
SECTION 1.
The Legislature finds and declares all of the following:(c)
(d)
(e)
(f)
(g)
SEC. 2.
Section 12097.5 is added to the Government Code, to read:12097.5.
For purposes of this article, all of the following definitions shall apply:(a)
(b)
(c)
SEC. 3.
Section 12097.5 of the Government Code is amended and renumbered to read:12097.6
(a) (1) The Governor’s Office of Business and Economic Development is hereby authorized to develop content on its internet website or through other mediums to be used for public dissemination, through outreach activities, in order to provide information and resources to inform the general public about place-based and other geographically targeted economic development programs, including, but not limited to, federal promise zones within California that are designated by the United States Department of Housing and Urban Development; and opportunity zones designated by the United States Treasury, pursuant to Sections 1400Z-1 and 1400Z-2 of the Internal Revenue Code.SEC. 4.
Section 12097.7 is added to the Government Code, to read:12097.7.
(a) For purposes of this section, “opportunity zone fund” means a qualified opportunity zone fund, as defined in Section 1400Z-2 of the Internal Revenue Code, that has investments in qualified opportunity zone property, as defined in the Section 1400Z-2 of the Internal Revenue Code, located in a California opportunity zone.(2)Within 30 days of receipt of the information received pursuant to paragraph (1), the Governor’s Office of Business and Economic Development shall report the information to the Office of Planning and Research and the Department of Housing and Community Development.
(d)(1)On or before June 30, 2021, and on or before June 30 each year thereafter, the manager of an opportunity zone fund that has made real estate investments shall electronically submit the following information about the fund about those real estate investments to the Governor’s Office of Business and Economic Development:
(A)
(B)
(C)
(D)
(E)
(F)
(2)The manager shall include in the first report submitted pursuant to paragraph (1) information that dates back to
the incorporation or formation of the fund. The manager shall include in each report submitted after the first report information for the relevant reporting period.
(3)
(e)
SEC. 5.
Section 12097.8 is added to the Government Code, to read:12097.8.
(a) On or before January 1, 2022,(8)
(9)Have the demographic characteristics shifted more, less, or remained the same in California opportunity zones compared to non-opportunity zone census tracts?
(10)
(b)
It is the intent of the Legislature to enact legislation that would accomplish all of the following:
(a)Require applicants for development projects proposed within a California opportunity zone, as defined in Section 12097.5 of the Government Code, to include information as to whether the project will use funds from a qualified opportunity zone fund, as defined in Section 1400Z-2 of the Internal Revenue Code, and in that case, to require the submission of specified information with the application for the development project.
(b)Impose a registration fee on the development of projects within a California opportunity zone that would be paid by the managers of qualified
opportunity zone funds funding the project, calculated by the size and type of development project, to recover the additional costs of reviewing the applications described in subdivision (a) and the costs to the Governor’s Office of Business and Economic Development to administer Section 12097.7 of the Government Code, as proposed to be added by this act, and for allocation to the Judicial Council to fund legal assistance for undocumented tenants.
(c)Waive or reduce the registration fee for any development project that contains housing units that are affordable, as determined by a percentage of average median income, with respect to those portions of development project that are the affordable housing units.
SEC. 6.
Section 65940 of the Government Code, as amended by Section 6 of Chapter 654 of the Statutes of 2019, is amended to read:65940.
(a) (1) Each public agency shall compile one or more lists that shall specify in detail the information that will be required from any applicant for a development project. Each public agency shall revise the list of information required from an applicant to include a certification of compliance with Section 65962.5, and the statement of application required by Section 65943. Copies of the information, including the statement of application required by Section 65943, shall be made available to all applicants for development projects and to any person who requests the information.(d)