SEISMIC RETROFIT TAX INFORMATION

There are three types of tax breaks currently available to businesses who need to seismically retrofit their buildings.:

A 20 percent Federal tax credit for retrofits of historical buildings via the National Parks Service:

http://www.cr.nps.gov/hps/tps/tax/index.htm

Mills Act property tax relief: a state law that, in exchange for preserving a historical building, owners get reduced property taxes:

http://ohp.parks.ca.gov/pages/1054/files/ts12ca.pdf

Proposition 127 in the early 1990's granted owners who retrofit will not be reassessed for improving their property and raising their assessed value when they retrofit:

 http://www.sen.ca.gov/sor/reports/REPORTS_BY_SUBJ/STATE_BALLOT_PROPOSITIONS/ Prop193.htm

Consult your County Assessor's Office for the forms.