Legislation to Establish a Historic Tax Credit in California Advances in State Senate
Earlier this month legislation to establish a historic tax credit program in California passed 5-0 out of the Senate Governance and Finance Committee, next the bill will be heard by the Senate Appropriations Committee. SB 451 would establish a 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 35 other states that currently have a state historic tax credit program.