Current law authorizes a tax credit for business firms which engage in providing affordable housing assistance activities or market rate housing in distressed communities (Housing Credit), with the total amount of such tax credits not to exceed $10 million in a fiscal year. Current law also authorizes a tax credit for business firms which make a contribution to a neighborhood organization that provides affordable housing assistance activities or market rate housing in distressed communities (Contribution Credit), with the total amount of such tax credits not to exceed $1 million in a fiscal year. This bill provides that any amount of the $10 million in Housing Credits not authorized in a fiscal year can be authorized for Contribution Credits during the same fiscal year, provided that the total combined amount of Housing and Contribution credits must not exceed $11 million during the fiscal year.