SACRAMENTO — Assembly Speaker Toni G. Atkins’ bill that would stimulate local economies, redevelop deteriorating structures, and promote affordable housing now awaits the Governor’s go-ahead.
“California is one of the few states to not provide an incentive for the preservation of our historic buildings,” said Speaker Atkins (D-San Diego). “A state tax credit for this purpose would help stimulate local economies, revitalize downtown areas and communities, promote and increase the supply of affordable housing, encourage property maintenance and rehabilitation, and leverage use of the federal rehabilitation tax credit. AB 1999 helps communities adjust to the phase-out of redevelopment dollars and stimulates public and private investment, all while building civic pride as we celebrate our heritage and preserve California’s past.”
Passing through both houses of the California Legislature with unanimous support, Speaker Atkins’ AB 1999 would offer a 20-percent tax credit for most renovations of registered historic buildings and 25-percent tax credit for buildings that meet certain criteria. The credit would be for $50 million per year and would sunset after seven years.
AB 1999 now moves to Gov. Brown for consideration.