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GA HB1380
Bill
Status
Introduced
2/17/2022
Primary Sponsor
John Corbett
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AI Summary
- Extends the automatic repeal date of Georgia's revitalization zone income tax credit program from December 31, 2027, to December 31, 2032, and removes the requirement for General Assembly reauthorization prior to that date
- Establishes December 31, 2027, as the deadline for new revitalization zone designations, and caps all zone designations to expire no later than December 31, 2032
- Requires all qualifying actions — including new business locations, expansions, property acquisitions, rehabilitation expenditures, and placement of property in service — to occur prior to December 31, 2032
- Sets a hard expiration of December 31, 2042, for any unused tax credits carried forward, with credits otherwise eligible for a ten-year carryforward from the year claimed
- Eligible local governments must have fewer than 15,000 residents and demonstrate economic distress; up to 10 revitalization zones may be designated per year with no more than 50 in existence simultaneously
Legislative Description
Income tax; sunset and automatic repeal of an income tax credit for revitalization zones; revise provisions
Last Action
House Second Readers
2/24/2022
Committee Referrals
Ways and Means2/22/2022
Full Bill Text
No bill text available