CaliforniaIncome taxes: credits: rehabilitation of certified historic structures.
What it does
The Personal Income Tax Law and the Corporation Tax Law allow a credit against the taxes imposed by those laws, for taxable years beginning on or after January 1, 2021, and before January 1, 2027, for rehabilitation of certified historic structures, as defined, and, under the Personal Income Tax Law, for a qualified residence, as defined. Existing law allows an increased credit of 25% of the qualified rehabilitation expenditures with respect to a certified historic structure meeting any of certain criteria, including a rehabilitated structure that includes affordable housing for lower income households. Existing law requires a taxpayer to receive an allocation from the California Tax Credit Allocation Committee (CTCAC) to be eligible for the credit.
More detail
Existing law limits the aggregate amount of money that can be allocated for these credits per calendar year.
Existing law requires, on an annual basis beginning January 1, 2021, until January 1, 2027, the Legislative Analyst to collaborate with the CTCAC and the State Office of Historic Preservation to review the effectiveness of these tax credits, as described.
This bill would require the Legislative Analyst to submit a review of the effectiveness of the tax credits for taxable years beginning on or after January 1, 2025, and before January 1, 2027, to the Legislature, as specified.
This bill, for taxable years beginning on or after January 1, 2027, and before January 1, 2032, would enact a similar credit against the taxes imposed by the Personal Income Tax Law and the Corporation Tax Law for the rehabilitation of certified historic structures, as provided. The bill, for tax credits allocated for those taxable years, would remove the above-described increased credit of 25% and would remove the credit for a qualified residence. The bill would also remove the limit on the amount of money that can be allocated per calendar year, and would instead require the limit to be set by the Legislature in the annual Budget Act or another measure. The bill would provide additional requirements relating to the manner in which the credits are allocated.
Existing law requires any bill authorizing a new tax expenditure, as defined, to include exclusions from income, to contain, among other things, specific goals, purposes, and objectives that the tax credit will achieve, detailed performance indicators, and data collection requirements.
This bill would include findings and reporting requirements in compliance with this requirement.
This bill would take effect immediately as a tax levy.
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Where it stands
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 27Chaptered by Secretary of State - Chapter 515, Statutes of 2026.Latest
- Sep 27Approved by the Governor Gavin Newsom.Became Law
- Aug 31Enrolled and presented to the Governor at 4 p.m.To Governor
- Aug 25Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 78. Noes 0. Page 6449.).Major
- Vote recorded AB 1265 Haney Concurrence in Senate Amendments. Result: pass.Lower
- Aug 20In Assembly. Concurrence in Senate amendments pending.
- Vote recorded Special Consent. Result: pass.Upper
- Aug 20Read third time. Passed. Ordered to the Assembly. (Ayes 39. Noes 0. Page 5588.).Passed Senate
- Aug 18Ordered to special consent calendar.
- Aug 13Read second time. Ordered to third reading.Minor
- Vote recorded Do pass. Result: pass.Upper
- Aug 13From committee: Do pass. (Ayes 7. Noes 0.) (August 13).Minor
- Aug 3In committee: Referred to APPR. suspense file.Minor
- Vote recorded Placed on suspense file. Result: pass.Upper
- Jun 25Read second time and amended. Re-referred to Com. on APPR.Major
- Jun 24From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 4. Noes 0.) (June 24).Major
- Vote recorded Do pass as amended, but first amend, and re-refer to the Committee on [Appropriations]. Result: pass.Upper
- Jun 3In committee: Set, first hearing. Hearing canceled at the request of author.
- May 6Referred to Com. on REV. & TAX.Minor
- Jan 27In Senate. Read first time. To Com. on RLS. for assignment.Minor
- Jan 26Read third time. Passed. Ordered to the Senate. (Ayes 73. Noes 0. Page 3836.)Passed Assembly
- Vote recorded AB 1265 Haney Assembly Third Reading. Result: pass.Lower
- Jan 22Read second time. Ordered to third reading.Minor
- Vote recorded Do pass. Result: pass.Lower
- Jan 22From committee: Do pass. (Ayes 15. Noes 0.) (January 22).Minor
- Jan 22In committee: Set, first hearing. Referred to suspense file.Minor
- Jan 22Assembly Rule 63 suspended. (Page 3806.)
- Jan 20Re-referred to Com. on APPR.Minor
- Jan 16Read second time and amended.Major
- Jan 15From committee: Amend, and do pass as amended and re-refer to Com. on APPR. (Ayes 5. Noes 0.) (January 12).Major
- Jan 12
- Vote recorded Do pass as amended and be re-referred to the Committee on [Appropriations]. Result: pass.Lower
- Jan 6Re-referred to Com. on REV. & TAX.Minor
- Jan 5From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.Major
- 2025
- May 5In committee: Set, first hearing. Referred to REV. & TAX. suspense file.Minor
- Apr 21Re-referred to Com. on REV. & TAX.Minor
- Apr 10From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.Major
- Apr 9From committee: Do pass and re-refer to Com. on REV. & TAX. with recommendation: To Consent Calendar. (Ayes 12. Noes 0.) (April 9). Re-referred to Com. on REV. & TAX.Minor
- Vote recorded Do pass and be re-referred to the Committee on [Revenue and Taxation] with recommendation: To Consent Calendar. Result: pass.Lower
- Mar 17Re-referred to Coms. on H. & C.D. and REV. & TAX. pursuant to Assembly Rule 96.Minor
- Mar 13Referred to Coms. on REV. & TAX. and H. & C.D.Minor
- Feb 24Read first time.Minor
- Feb 22From printer. May be heard in committee March 24.
- Feb 21Introduced. To print.Introduced