Bill > HB1079

This bill modifies Georgia's income tax credits for the rehabilitation of historic structures by changing how long these credits can be used and how they can be transferred. Previously, unused credit amounts expired after ten years, but this bill shortens that period to two years after the rehabilitation is completed, after which any remaining credit will expire and return to the state, with the Department of Revenue required to report these expired amounts annually. The bill also introduces a new provision allowing taxpayers to transfer any remaining, unused credit to the buyer of the historic structure, though the transferred credit will still be subject to the two-year expiration limit. Importantly, the bill clarifies that any credits that expire and revert to the state can be reallocated by the General Assembly for other state economic development, historic preservation, community revitalization, or affordable housing initiatives, but this does not create any entitlement for specific taxpayers or projects to receive these funds. This Act will take effect on January 1, 2027.

Budget and Finance

https://www.legis.ga.gov/legislation/72505