Bill > AB1265

This bill modifies existing tax credits for the rehabilitation of certified historic structures, which are buildings listed on the California Register of Historical Resources and meet certain federal standards. For taxable years beginning in 2027 through 2030, it establishes a new credit program that will offer a 20% credit on qualified rehabilitation expenditures for certified historic structures, with a maximum credit of $5 million per taxpayer. This new program removes the previous provisions that allowed for an increased credit of 25% for structures meeting specific criteria, such as including affordable housing, and also eliminates the credit for qualified residences. The bill also removes the annual limits on the total amount of credits that can be allocated, including specific set-asides for affordable housing projects or smaller projects. Furthermore, the requirement for the Legislative Analyst to review the effectiveness of these tax credits will be extended until January 1, 2031, with the review for the new program covering taxable years from 2027 to 2030. The bill also includes language to ensure compliance with state laws requiring specific goals, performance indicators, and data collection for new tax expenditures.

Budget and Finance, Housing and Urban Affairs

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260AB1265