Bill > HB376

This bill modifies Georgia's income tax credits for the rehabilitation of certified historic structures, which are buildings deemed historically significant. It increases the minimum amount of money a taxpayer must spend on rehabilitating a certified structure to qualify for the credit, raising it from $5,000 to $25,000 for most structures. For other certified structures, the credit amount is adjusted, with a 25% credit for expenditures approved before January 1, 2026, and a 20% credit for those approved on or after that date, though structures in less populated counties may still receive an additional 10% credit. The bill also revises the maximum credit amounts, allowing for higher credits on projects that create a significant number of jobs or substantial annual payroll, and it sets aggregate annual limits for credits issued for historic homes and other certified structures, with a significant increase for the latter. Importantly, the bill states that no credits will be issued under this program after January 1, 2030, and it becomes effective on July 1, 2026, applying to tax years beginning on or after January 1, 2026.