A bill designed to stimulate redevelopment of historic structures in California passed the state Assembly on a unanimous 75-0 vote and is headed to the state Senate for consideration.
Assembly Bill 1999, authored by Speaker Toni Atkins (D-San Diego), will offer a 25 percent tax credit for most renovations of registered historic buildings and a 30 percent tax credit for buildings meeting certain criteria.
“California is one of the few states to not provide an incentive for the preservation of our historic buildings,” Atkins said. “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.”
The legislation is aimed at properties on or eligible for the state or National Register of Historic Places. It is supported by the California Preservation Foundation and the California Council of the American Institute of Architects, among other preservation and business organizations.
AB 1999 now moves to the state Senate for consideration.
Atkins represents the 78th Assembly District, which includes downtown San Diego and stretches along the coast from the Mexican border to Solana Beach