California Governor Gavin Newsom has signed Senate Bill 451 into law, creating a new statewide historic rehabilitation tax credit incentive to help spur the reuse of existing historic buildings.
According to the Los Angeles Conservancy website, the bill builds on previous historic tax credit advocacy work pursued by the California Preservation Foundation (CPF) and the American Institute of Architects California (AIA California) organization, and makes California the 37th state to have its own rehabilitation tax credit program. Under the program, projects that reuse historic buildings will receive a "dollar for dollar reduction in tax liability" to help make these types of difficult and costly projects financially viable.
The Conservancy reports that between 2002 and 2016, the Federal Historic Preservation Tax incentive program helped fund 169 projects worth a total of $2.8 billion in California alone. A third of these projects, according to the group, "have improved or helped create new housing. SB 451 will greatly expand this reach."
2 Comments
Hi,
Great article. But the name is now AIA California: https://aiacalifornia.org/. Who do I contact to fix the logo and the bio?
Thanks,
Shannon Calder
Hi Shannon, thanks for the head's up. We've updated the logo and bio, as requested. Thank you for bringing the name change to our attention! Best, Antonio
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