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California Legislature Passes State HTC Bill

Monday, September 8, 2014 - 7:00AM

The California State Legislature passed a bill Aug. 27 that would establish a state historic rehabilitation tax credit (HTC). A.B. 1999 would provide a 20 percent tax credit for qualified rehabilitation expenditures to historic structures, or a 25 percent credit if the historic project is located on federal or state surplus property; includes affordable housing; is located in a designated census tract; is part of a military base reuse authority; or is a transit-oriented development. The bill would authorize $50 million annually from calendar year 2015 through 2022, including a $10 million set-aside for projects with less than $1 million in qualified rehabilitation expenditures. It’s expected the bill will be sent to Gov. Jerry Brown shortly for his consideration; the deadline for Brown to sign the bill is Sept. 30.  

Tune into the Sept. 9 Tax Credit Tuesday Podcast to hear more about the bill.

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