California Senate Unanimously Passes Bill to Create State HTC

Friday, May 31, 2019 - 8:30am

The California state Senate this week unanimously passed legislation to create a state historic tax credit (HTC). S.B. 451 would create a state HTC from 2021 through 2025 worth 20 percent of qualified rehabilitation expenses (QRE), with a 5 percent bonus for properties that meet certain criteria, including low-income housing. The credit would have a $50 million annual statewide cap, with $10 million set aside for qualified historic residences and properties with QREs of less than $1 million. The legislation would require annual funding through the state budget. The bill will now be taken up by the state Assembly.