California Gov. Gavin Newsom today signed a state budget bill that includes an extra $500 million in funding for state low-income housing tax credits (LIHTCs) and exempts the LIHTC from the state’s $5 million annual cap in claiming business tax credits. California’s previous budget bill approved the extra $500 million in annual LIHTCs, subject to the state Legislature appropriating the funds. Newsom signed the main budget bill, along with other appropriations bills–including A.B. 89, which contains the $500 million LIHTC provision.