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GA HB970
Bill
Status
Introduced
2/20/2020
Primary Sponsor
Vance Smith
Click for details
AI Summary
- Increases the maximum tax credit per individual certified structure (non-historic home) from $5 million to $7.5 million per taxable year, while eliminating the prior $10 million exception for projects creating 200+ jobs or $5 million in annual payroll
- Raises the threshold for projects subject to the $25 million annual aggregate credit cap from $300,000 to $500,000, and allows unused aggregate amounts to roll over to the subsequent calendar year
- Removes the restriction prohibiting resale of previously transferred tax credits, allowing credits to be sold or assigned to one or more entities until fully used
- Establishes that only the original taxpayer who earned the credit (not subsequent good faith transferees) is responsible for recapture, reduction, or disallowance of the credit
- Provides for an automatic repeal effective January 1, 2026, at which point a new version of the code section takes effect with significantly reduced caps — $1 million per individual certified structure and $5 million in aggregate annual credits — while Section 1 changes apply to certified rehabilitations completed on or after July 1, 2020
Legislative Description
Income tax; credits for the rehabilitation of historic structures; revise procedures, conditions, and limitations
Last Action
House Second Readers
2/24/2020
Full Bill Text
No bill text available