Great news for historic property owners in California: Governor Newsom signed SB451, the first state-wide tax credit program for the rehabilitation of historic buildings, into law this October. Starting in 2021, owners of both commercial and residential properties can apply for an up to 25% state tax credit. Augmenting a similar program on the federal level, the law will be an important incentive to owners to make their rehabilitation projects viable.
This is huge news for modernism advocates, given California's extensive post-1950s building stock. The new program will steer critical financial resources to maintain the important legacy of California's modern architecture.
Support for the legislation came from the California Preservation Foundation, the California Council of the American Institute of Architects, and LA Conservancy, among others.
More information on California's program and other states with Historic tax credits:
National Trust for Historic Preservation
