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The Latest on State & Federal Historic Tax Credits
July/August 2019
Left to right Cindy Heitzman, California Preservation Foundation executive director, with Senate President pro Tem Toni Atkins, State Treasurer Fiona Ma, and Mark Christian of the American Institute of Architects, California at the Capitol in Sacramento, after a successful committee hearing. Courtesy of the California Preservation Foundation |
Introduced by State Senate President pro Tempore Toni Atkins in February of this year, the California Historic Tax Credit (HTC) cleared the Senate on May 28 by a unanimous vote of support! This bill offers a 20% credit, similar to the federal HTC, and a 25% credit for projects that meet specific criteria. The criteria include being located on federal surplus property, a military base, or within a designated census tract; incorporating affordable housing, or is part of a transit-oriented development within walking distance to a transit station. Please contact your assembly member and encourage support of SB 451 today!
In early 2018, Congress modified the 20% federal historic tax credit to be distributed over the course of five years, instead of one year. Now, in 2019, the House has introduced improvement legislation through the Historic Tax Credit Growth and Opportunity Act (H.R. 2825) that would enhance the credit's value and make the credit available to smaller projects. Additionally, this bill would: 1) increase the credit to 30% for certain projects whose rehabilitation expenses are less than $2.5 million; 2) simplify the application process for smaller projects by enabling a one-time credit transfer as a tax certificate, and 3) create greater opportunity for non-profits to partner in redevelopment projects. Please contact your U.S. Representative and encourage support and sponsorship of H.R 2825.
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