Governor Brown vetoes bills that would have created California NMTCs and California Historic Preservation Tax Credits

Yesterday, California Governor Jerry Brown vetoed two pieces of legislation, one that would have provided California New Markets Tax Credits for development in low income areas and another that would have provided California historic preservation tax credits, both modeled on the federal tax credit schemes.  The Governor's veto messages noted that the California NMTCs would require $200 million in state funds, while the California historic preservation tax credits would have required $400 million in state funds.  See veto messages here and here.  Apparently the Governor did not think that was a good use of funds.

More on the proposal for California NMTCs from proponents here.  More on the proposal for California historic preservation tax credits here.

Stephen R. Miller