Bill > HB932

This bill amends Georgia's tax credit legislation for business enterprises in less developed areas by adding a new provision that allows census tracts in counties with federal military installations of at least 5,000 personnel to be designated as less developed areas for the specific years 2025 and 2026. The bill builds upon existing criteria for designating less developed areas, which currently include regions experiencing economic distress, areas adjacent to military installations with high poverty rates, and census tracts with specific economic challenges. The new provision temporarily expands the definition of less developed areas to include military zone-adjacent census tracts, potentially providing tax incentives for businesses operating in these regions during those two years. The bill aims to support economic development in areas near military installations by offering job tax credits and other economic development opportunities. This change is part of a broader strategy to provide targeted economic support to areas that may be experiencing economic challenges or have potential for growth, particularly those near significant military bases.

Budget and Finance

https://www.legis.ga.gov/legislation/72081