California Bill Would Create State HTC
Legislation to create a California state historic tax credit (HTC) was introduced in the state Senate. SB 451 would create a 20 percent state HTC for historic rehabilitation, with a statewide cap of $50 million per year–$10 million of which would be set aside for developments with qualified rehabilitation expenditures (QREs) of less than $1 million. The state HTC would rise to 25 percent of QREs if it meets certain criteria, including being low-income housing, a transit-oriented development or in certain census tracts. The credit would take effect Jan. 1, 2021, and expire at the end of 2025.