A lawmaker’s second attempt at providing tax credits for earthquake retrofits advanced Tuesday from the Assembly floor.
AB 2392 by Assemblyman Adrin Nazarian, D-Sherman Oaks, would help landlords and other property owners pay for seismic upgrades.
The bill would allow a tax credit equal to 30 percent of the qualified costs paid or incurred by a taxpayer for any seismic retrofit on a qualified building.
Last year, the same proposal, carried as AB 428, passed both houses of the Legislature before being vetoed by Gov. Jerry Brown. The governor also rejected eight other tax-credit proposals. Brown pointed to budget concerns, particularly the Legislature’s inaction on renewing and restructuring the managed-care-organization (MCO) tax.
In March, however, the governor signed a legislative package approving a revised tax on MCOs, preserving more than $1 billion for health care from the federal government — and perhaps allaying some of Brown’s budgetary concerns.
“Now that the MCO has passed, I look forward to this bill moving forward and hopefully earning his signature as well,” Nazarian told the Assembly on Tuesday. A lawmaker’s second attempt at providing tax credits for earthquake retrofits advanced Tuesday from the Assembly floor.