Bill > AB1265

This bill extends and enhances California's tax credit program for rehabilitating certified historic structures, primarily focusing on historic building preservation and affordable housing. The bill extends the existing tax credit program through taxable years beginning before January 1, 2031, and increases the tax credit percentage from 25% to 30% for certain qualifying historic structures. Specifically, the 30% credit will be available for structures that either include improvements to preserve existing affordable housing (defined as housing with rental amounts consistent with California Tax Credit Allocation Committee limits) or are adaptively reused for housing with at least 50% of the existing floor area dedicated to housing. The bill maintains the annual $50 million cap on tax credits and requires the Legislative Analyst to continue collaborating with the California Tax Credit Allocation Committee and Office of Historic Preservation to review the program's effectiveness through January 1, 2031. Additionally, the bill requires applications for these tax credits to include information about the project's expected economic benefits, such as job creation, potential tax revenue increases, and other economic contributions. The legislation aims to incentivize historic preservation, adaptive reuse of buildings, and the creation of affordable housing by providing tax credits to property owners who rehabilitate certified historic structures.

Budget and Finance, Housing and Urban Affairs

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