A newly introduced Assembly bill would create an annual $500 excise tax on all residential units in California, including rental housing. 

The legislation, AB 1791, comes from Assemblyman Adrin Nazarian, D-North Hollywood.

AB 1791 would require the Franchise Tax Board to report annually to the Legislature the number of businesses that have paid the fee.

The tax is intended to help fund the development of affordable housing and would take effect immediately as a tax levy.