California AB1265 provides tax credits for rehabilitating certified historic structures.

California AB1265 amends the Revenue and Taxation Code to offer tax credits for the rehabilitation of certified historic structures. The bill establishes a process for allocating credits, ensuring that applicants meet specific criteria and that projects adhere to the Secretary of the Interior’s Standards for Rehabilitation. Credits are available for qualified rehabilitation expenditures, with a maximum credit of $5 million per taxpayer. The bill also mandates that 40% of credits be allocated to northern and southern California, and 20% to central California.

California AB1265 provides tax credits for rehabilitating certified historic structures.

California AB1265 amends the Revenue and Taxation Code to offer tax credits for the rehabilitation of certified historic structures. The bill establishes a process for allocating credits, ensuring that applicants meet specific criteria and that projects adhere to the Secretary of the Interior’s Standards for Rehabilitation. Credits are available for qualified rehabilitation expenditures, with a maximum credit of $5 million per taxpayer. The bill also mandates that 40% of credits be allocated to northern and southern California, and 20% to central California.