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GA HB1020
Bill
Status
Engrossed
2/20/2024
Primary Sponsor
Steven Sainz
Click for details
AI Summary
- Amends O.C.G.A. § 48-7-40.1 to add a new category (paragraph 2.2) allowing any census tract in a county containing a federal military installation with a garrison of at least 5,000 federal or military personnel to qualify for designation as a "less developed area" eligible for job tax credits
- Limits the new military zone designation to a two-year window, applying only for 2025 and 2026
- Differs from the existing military-adjacent provision (paragraph 2.1) by removing the requirement that the county also contain a government-owned and operated industrial park
- Preserves all existing categories of less developed area designations, including areas of sudden economic distress, census tracts adjacent to military installations with 15% or greater poverty rates, and areas impacted by airport expansions or business closures
- New designations under this subsection cannot displace or remove any area previously designated as a less developed area
Legislative Description
Income tax credit; military zones that qualify for designation as less developed areas; revise
Last Action
Senate Read Second Time
3/20/2024
Committee Referrals
Finance2/21/2024
Small Business Development1/25/2024
Full Bill Text
No bill text available