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GA SB496
Bill
AI Summary
- Extends the sunset date for Georgia's tax credits for rehabilitation of historic structures from December 31, 2027, to December 31, 2029, with no new credits issued on or after January 1, 2030
- Expands eligibility for historic home tax credits beginning January 1, 2026, to include properties designated as historic or contributing to a district under local law and certified by the Department of Community Affairs as meeting National Register criteria
- Removes the previous January 1, 2025, cutoff that would have eliminated tax credits for historic homes, and maintains the $5 million annual aggregate cap for historic home credits
- Retains the $30 million annual aggregate cap on credits for certified structures other than historic homes
- Extends the automatic repeal date for revitalization zone tax credits from December 31, 2027, to December 31, 2032, and removes the prior requirement for General Assembly reauthorization
Legislative Description
Ad Valorem Taxation of Property; extension of preferential assessment periods for certain historic properties; provide
Last Action
Act 375
4/18/2024
Committee Referrals
Ways and Means3/4/2024
Economic Development and Tourism2/15/2024
Full Bill Text
No bill text available