BackgroundSpeaker of the Assembly, Toni Atkins (D-78) of San Diego introduced legislation for a California Historic Rehabilitation Tax Credit to benefit economic development of properties on or eligible for the State or Federal Register of Historic Places.
“The Economic Development and State Historic Tax Credit Act” (AB 1999) introduced during the 2014 legislative session, was sponsored by a broad-based coalition under the leadership of the California Preservation Foundation and the California Chapter of the American Institute of Architects.
AB 1999 had UNANIMOUS support in both houses of the legislature, but was vetoed by Governor Brown in late September 2014. Speaker Atkins, recognizing the importance and impact of this incentive, reintroduced the bill in late February 2015 as AB 771.
Proposed features of the AB 771 include:
The total $50 million, plus the unused allocation tax credit for the preceding year.
The credit will take effect on and after January 1, 2016 and will terminate before January 1, 2021.
If passed, this bill will: