Bill
Bill > HB360
summary
Introduced
02/10/2025
02/10/2025
In Committee
03/13/2025
03/13/2025
Crossed Over
03/06/2025
03/06/2025
Passed
04/09/2025
04/09/2025
Dead
Signed/Enacted/Adopted
05/14/2025
05/14/2025
Introduced Session
2025-2026 Regular Session
Bill Summary
AN ACT To amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to income tax imposition, rate, computation, exemptions, and credits, so as to revise a tax credit for the rehabilitation of historic structures; to authorize a reduced credit to be claimed in certain taxable years for certain preapproved rehabilitations provided that a certificate of occupancy is obtained; to provide for a territory applicability; to provide for related matters; to repeal conflicting laws; and for other purposes.
AI Summary
This bill modifies the existing tax credit program for rehabilitating historic structures in Georgia by allowing taxpayers who were preapproved for tax credits in 2027 or 2028 to claim those credits in tax year 2026 under certain conditions. Specifically, taxpayers can claim the credits if they obtain a certificate of occupancy for the certified structure by July 1, 2026, but with reduced credit amounts: those preapproved for 2027 can claim up to 90% of their original credit amount, while those preapproved for 2028 can claim up to 85% of their original credit amount. This change provides flexibility for historic structure rehabilitation projects, allowing developers more time to complete projects and still receive tax credits, while slightly reducing the total credit value to account for the earlier claim. The bill applies specifically to certified structures other than historic homes and is designed to provide some financial relief and adaptability for ongoing rehabilitation projects.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (7)
Shaw Blackmon (R)*,
Chuck Efstration (R)*,
Scott Holcomb (D)*,
Todd Jones (R)*,
Ron Stephens (R)*,
Bruce Williamson (R)*,
Clint Dixon (R),
Last Action
Effective Date 2025-07-01 (on 05/14/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.ga.gov/legislation/70122 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20252026/239323 |
| Sen Floor Amend 2 | https://www.legis.ga.gov/api/legislation/document/20252026/239193 |
| Sen Floor Amend 1 AM 50 0131 | https://www.legis.ga.gov/api/legislation/document/20252026/239188 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20252026/235500 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20252026/233891 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20252026/231845 |
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