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GA HB469
Bill
Status
Passed
5/2/2022
Primary Sponsor
Ron Stephens
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AI Summary
- Extends the automatic repeal/sunset date for Georgia's historic structure rehabilitation tax credits from December 31, 2022, to December 31, 2027
- Establishes new aggregate annual caps for certified structures other than historic homes at $30 million per year for calendar years 2023 through 2027, replacing the previous $25 million annual cap for larger projects
- Limits historic home tax credits to $5 million in aggregate per year for calendar years 2023 and 2024, with no new credits issued for historic homes on or after January 1, 2025
- Prohibits any new credits from being issued under this Code section on or after January 1, 2028
- Maintains existing credit rates of 25% of qualified rehabilitation expenditures (with an additional 5% for historic homes in target areas), individual project caps of $5 million (or $10 million if creating 200+ jobs or $5 million in annual payroll), and a $100,000 cap per historic home in any 120-month period
Legislative Description
Income tax; rehabilitation of historic structures; revise tax credits
Last Action
Effective Date 2022-07-01
5/2/2022
Committee Referrals
Finance3/9/2021
Ways and Means2/17/2021
Full Bill Text
No bill text available