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California Moves Closer to Establishing a State Historic Tax Credit Program
Historic Preservation Blog from PreservationDirectory.com -
Contributed By: Preservation Action
Website: http://preservationaction.org

From Preservation Action:

Legislation to establish a Historic Tax Credit program in California continues to make it's way through the state legislature. S. 451 passed the California state Senate in May with a 36-0 vote. Last month, the bill cleared the Assembly Revenue and Taxation committee with unanimous support. Now the bill is scheduled to be heard by the Assembly Appropriations Committee, before moving to the full Assembly.

S. 451 would create 20% tax credit on qualified rehabilitation expenses, with a 25% tax credit for specific types of adaptive reuse. Under the legislation, $50 million would be allocated annually for the program.

A previous attempt to establish a historic tax credit in California came up short in 2014, when previous Gov. Jerry Brown vetoed legislation that passed the state legislature with near unanimous support. If passed, California would join 36 other states that currently have a state historic tax credit program.


Posted: August 24, 2019
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