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GA HB1182
Bill
Status
Engrossed
2/27/2024
Primary Sponsor
Clint Crowe
Click for details
AI Summary
- Renames Georgia's low-income housing tax credits as the "Georgia affordable housing tax credits," applicable to both insurance premium taxes and state income taxes
- For initial applications received by the Department of Community Affairs before January 1, 2026, the state credit remains equal to 100% of the federal housing tax credit
- For applications received on or after January 1, 2026, reduces the state credit to 50% of the federal housing tax credit for most affordable housing projects
- Preserves the full 100% state credit for "targeted community projects," defined as projects located in rural counties (population under 50,000), projects prioritizing seniors/disabled/veterans/first responders, projects with access to high-frequency transportation, rehabilitation/renovation projects, or housing authority-owned projects
- Makes all affordable housing project-level records subject to Georgia's open records law, excluding confidential taxpayer information; effective July 1, 2024, applicable to taxable years beginning on or after January 1, 2026
Legislative Description
Income tax; low-income housing tax credits; revise
Last Action
Senate Tabled
3/26/2024
Committee Referrals
Finance2/29/2024
Ways and Means2/8/2024
Full Bill Text
No bill text available