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Help on Federal and State Tax Credits
March/April 2023
The US Grant Hotel used the Federal Historic Preservation Tax program to enable restoration. Photo courtesy US Grant Hotel |
The National Trust for Historic Preservation recently introduced a fresh resource guide and data center for state historic tax credit programs, including those in California.
Launched in January 2023, this new digital tool is intended to aid advocates and policymakers by providing an overview of the benefits of state historic tax credit programs in 37 states. The easy-to-use guide identifies the top-performing credits' components, and conducts a comparative analysis of each program's key features, state by state. You can also download this new tool.
The data center enables you to compare specific program features against those of other states, and assists in determining the ideal incentive for your state to consider adopting.
The California State Historic Tax Credit is another important tool that we can use to revitalize historic resources and many communities throughout the state.
The new state historic rehabilitation tax credits allow a property owner to claim a percentage of their project expenses against state income taxes and are designed to complement the Federal Rehabilitation Tax Credit. The law’s highlights:
- Create a 20% state tax credit for the rehabilitation of historic structures
- Include a 5% bonus for certain projects, such as affordable housing
- Create construction and building industry jobs
- Enhance state tax revenues through increased economic activity, employment, and wages
- Increase local revenues through increased property values, sales tax, and heritage tourism
- Stimulate the economy and sustainable development
- Combine these credits with other tax credits for greater leverage/benefit
- Revitalize economically depressed areas and reduce blight
- Preserve the rich legacies of California landmarks and communities
This important legislation took years of advocacy efforts and coalition building. Maybe you helped along the way. It’s an achievement all preservationists can cheer about.
Check out the National Trust’s new toolkit and data center online.
Find info on SOHO’s website at California's preservation tax credits.
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