HB360: HB360 Revenue and taxation; rehabilitation of historic structures; revise tax credit

25 HB 360/AP House Bill 360 (AS PASSED HOUSE AND SENATE) By: Representatives Efstration of the 104th, Stephens of the 164th, Jones of the 25th, Blackmon of the 146th, Williamson of the 112th, and others A BILL TO BE ENTITLED AN ACT To amend Article 2 of Chapter 7 of Title 48 of the Official Cod e of Georgia Annotated,1 relating to income tax imposition, rate, computation, exemptions, and credits, so as to revise2 a tax credit for the rehabilitation of historic structures; to authorize a reduced credit to be3 claimed in certain taxable years for certain preapproved rehabi litations provided that a4 certificate of occupancy is obtained; to provide for a territor y applicability; to provide for5 related matters; to repeal conflicting laws; and for other purposes.6 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:7 SECTION 1.8 Article 2 of Chapter 7 of Title 48 of the Official Code of Geor gia Annotated, relating to9 income tax imposition, rate, computation, exemptions, and credi ts, is amended in Code10 Section 48-7-29.8, relating to tax credits for the rehabilitati on of historic structures, by11 adding a new subsection to read as follows:12 "(b.1) Notwithstanding the provisions of subsections (b) and (c) of this Code section, any13 taxpayer that was preapproved by the commissioner to claim tax credits pursuant to this14 Code section for certified structures other than historic homes for tax year 2027 or 202815 shall be authorized to claim the tax credits allowed pursuant t o this Code section for a16 H. B. 360 - 1 - 25 HB 360/AP certified rehabilitation in the authorized tax year or in tax year 2026, provided that such17 taxpayer obtains a certificate of occupancy for such certified structureon or before July18 1, 2026; provided, however, that any taxpayer that claims tax c redits pursuant to this19 subsection in tax year 2026 shall only be allowed to claim such credits in an amount:20 (A) Not to exceed 90 percent of the amount otherwise allowed pursuant to this Code21 section if such credit was preapproved for tax year 2027; or22 (B) Not to exceed 85 percent of the amount otherwise allowed pursuant to this Code23 section if such credit was preapproved for tax year 2028."24 SECTION 2.25 All laws and parts of laws in conflict with this Act are repealed.26 H. B. 360 - 2 -