Bill > AB375

This bill modifies the historic rehabilitation tax credit, which provides a tax credit for a percentage of qualified rehabilitation expenditures on historic structures. Key provisions include extending the availability of the current credit until January 1, 2026, and establishing a new framework for credits claimed for projects placed in service after that date, which will require expenditures to be at least $50,000 within a 24-month period and may allow for certification by the state historic preservation officer even if federal tax credits are not claimed. The bill also clarifies that credits can be transferred and specifies that the total amount of tax credits certified for projects on the same parcel within a 15-year period cannot exceed $3.5 million.