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GA HB1116

Bill

Official Source

Status

Engrossed

2/29/2024

Primary Sponsor

Debbie Buckner

Click for details

Origin

House of Representatives

2023-2024 Regular Session

AI Summary

  • Reduces the annual aggregate cap on tax credits for the rehabilitation of historic homes from $5 million to $2.5 million per year
  • Removes the sunset date of January 1, 2025, that would have eliminated historic home rehabilitation tax credits, effectively extending the credit beyond 2024
  • Retains the existing $30 million annual aggregate cap for certified structures other than historic homes for calendar years 2023 through 2027
  • Eliminates all historic structure rehabilitation tax credits on and after January 1, 2028
  • Effective January 1, 2025, applicable to taxable years beginning on or after that date

Legislative Description

Income tax credit; rehabilitation of historic structures; home portion; extend sunset date

Last Action

Senate Read Second Time

3/21/2024

Committee Referrals

Finance3/4/2024
Ways and Means2/6/2024

Full Bill Text

No bill text available