Support Proposed California Historic Rehabilitation Tax Credit

Support Proposed California Historic Rehabilitation Tax Credit

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State historic rehabilitation tax credits are a dollar-for-dollar reduction in tax liability and help make difficult projects financially viable. Thirty-five states already have similar, successful state historic tax credit programs. Now is the time for California to join the list!

State historic rehabilitation tax credits allow a property owner to claim a percentage of their project expenses against state income taxes and are usually designed to complement the Federal Rehabilitation Tax Credit. These revenue-enhancing programs more than pay for the economic cost of the rehabilitation credit.

Governor Newsom, please authorize this 20 percent state income tax credit for the rehabilitation of historic buildings in California. 

Senate Bill (SB) 451 will create a much-needed statewide tool to help incentivize the rehabilitation of historic buildings, many that can be reused to meet critical housing needs. The California program can be a powerful force for historic places throughout Los Angeles County. As a proven program that leverages additional resources and more than pays for itself, SB 451 will: 

  • Create a state 20% tax credit for the rehabilitation of historic structures.
  • Create a 25% tax credit for certain projects, such as affordable housing.
  • Create construction and building industry jobs.
  • Enhance state tax revenues through increased economic activity, employment, and wages.
  • Increase local revenues through increased property values, sales tax, and heritage tourism.
  • Stimulate the economy and sustainable development.
  • Combine these credits with other tax credits for greater leverage.
  • Revitalize economically depressed areas and reduce blight.
  • Preserve the rich legacies of California communities.

Thank you for your support of SB 451 and commitment to preserving California’s heritage!

0 have signed. Let’s get to 500!
At 500 signatures, this petition is more likely to be featured in recommendations!