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GA HB59
Bill
Status
Engrossed
3/3/2017
Primary Sponsor
Ron Stephens
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AI Summary
- Increases the maximum tax credit per individual certified structure from $5 million to $7.5 million, or from $10 million to $15 million for projects creating 200+ full-time permanent jobs or $7.5 million+ in annual payroll within two years of the placed-in-service date
- Raises the annual aggregate cap on credits for projects earning more than $500,000 (up from $300,000) from $25 million to $40 million per calendar year, with unused amounts rolling over to the following year
- Transfers preapproval authority for tax credits from the commissioner to the Department of Community Affairs, which must preapprove applications within 30 days and share information with the Department of Revenue under confidentiality protections
- Removes the prohibition on further sale or assignment of previously transferred credits, and shields good faith transferees from responsibility for recapture, reduction, or disallowance of credits — with only the original credit earner liable
- Applies to certified rehabilitations completed on or after July 1, 2018, with provisions on corporate income tax credit assignment effective January 1, 2021; the entire Code section is set to repeal on July 1, 2028
Legislative Description
Revenue and taxation; tax credits for rehabilitation of historic structures; revise procedures, conditions, and limitations
Last Action
House Disagreed Senate Amend or Sub
3/29/2018
Full Bill Text
No bill text available