AB 1999 Summary

• Establishes a state tax credit for rehabilitation of certified historic structures available for taxable years 2015-2022, providing 20% or 25% credits on qualified rehabilitation expenditures depending on project criteria.

• Allocates $50 million annually in tax credits with $10 million per year reserved for projects with qualified rehabilitation expenditures under $1 million; unused credits carry over to subsequent years.

• Qualifies for the enhanced 25% credit if the structure meets criteria including location on surplus property, inclusion of affordable housing, location in designated census tracts, military base reuse, or transit-oriented development status.

• Requires the California Tax Credit Allocation Committee to reserve and allocate credits based on criteria including job creation, tax revenue impact, and compliance with the Secretary of the Interior's Standards for Rehabilitation.

• Mandates the Legislative Analyst to conduct annual reviews beginning January 1, 2016, analyzing credit effectiveness, demand, project types, job creation, and economic impact.