Bill > HB376

This bill revises Georgia's income tax credit for the rehabilitation of certified historic structures, aiming to encourage the restoration of older buildings. Key changes include increasing the minimum amount of money a taxpayer must spend on renovations, known as "qualified rehabilitation expenditures," for a project to qualify for the credit. Specifically, for structures other than historic homes, the minimum expenditure is raised from $5,000 to $25,000. The bill also adjusts the credit amounts, offering a 25% credit for expenditures on historic homes and for other certified structures on projects approved before January 1, 2026, with a reduced 20% credit for projects approved after that date, though a higher credit is available for certain rural areas. The overall annual cap on credits for structures other than historic homes is significantly increased from $30 million to $60 million, and the maximum credit for a single project can be doubled to $10 million if it creates a substantial number of jobs or significant annual payroll. Importantly, the bill sets an expiration date for these credits, with no new credits being issued after January 1, 2030.

Budget and Finance

https://www.legis.ga.gov/legislation/70138