Establishing Tax Credits for Seismic Retrofitting
Posted by Mitchell Englander on April 01, 2015 at 12:00 PM
This week, City Council approved the joint resolution by Councilmember Gil Cedillo and myself supporting Assembly Bill 428 by Adrin Nazarian which would establish a tax credit for individuals who make seismic retrofits to their buildings.
There are thousands of buildings throughout the City of Los Angeles that need seismic retrofits to make them safer in case of a large earthquake. If these buildings are not retrofitted, they could collapse in the next earthquake, resulting in deaths and injuries to those inside of the buildings.
Seismic retrofits can be expensive, and many property owners who own buildings that need retrofits could have problems paying for them. The City of Los Angeles has embarked on a program to require seismic retrofits for the most vulnerable of buildings.
AB 428 (Nazarian) would give taxpayers a tax credit equal to 30 percent of the cost for seismic retrofits done to qualified buildings. A tax credit like this would be helpful for taxpayers who want to have their properties retrofitted but cannot afford to shoulder the cost alone.AB 428 would offset some of the costs associated with seismic retrofits, encouraging property owners to undertake these vital upgrades.
(Photo courtesy of the LA Times)
-Mitchell Englander, Councilmember Twelfth District