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Developers Who Won Tax Breaks Gave To California Treasurer

SACRAMENTO, Calif. (AP) – State Treasurer John Chiang is defending campaign contributions he’s received from developers that were awarded tax credits and bonds from state committees he oversees. He says tax breaks are based on a formula and are not political favors. The Sacramento Bee reports ¬†Chiang has received more than $100,000 in donations to his various campaigns from executives and affiliates of three affordable housing developers that were awarded perks. The Democrat is a 2018 candidate for California governor. As treasurer, and formerly controller, he sits on boards that award federal and state tax credits and approve housing project bonds. The developers deny improper connections between their giving and the credits they receive. Chiang tells The Associated Press the board approves applications at the recommendation of staff members who use a formula.