California Debt Limit Allocation Committee: income taxes: low-income housing tax credits.

(1) Existing law establishes the California Debt Limit Allocation Committee for the purpose of implementing the volume limit for the state on private activity bonds established pursuant to federal law. The committee's duties include annually determining a state ceiling on the aggregate amount of private activity bonds that may be issued, and allocating that amount among state and local agencies. Existing law makes findings and declarations with regard to, and the purpose for, the provisions relating to the California Debt Limit Allocation Committee.