Georgia CommonsHB 360: Revenue and taxation; rehabilitation of historic structures; revise tax credit
Enrolled version, the latest LegiScan holds · Last action May 14, 2025 · Passed
The text as LegiScan holds it, read from the PDF the legislature publishes with its margin line numbers, running heads, and page footers removed. Line breaks are joined into paragraphs here; no word is changed.
Underlined words are what the bill adds to current law and struck-through words are what it removes, as the printed bill shows them.
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 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.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.
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, is amended in Code Section 48-7-29.8, relating to tax credits for the rehabilitation of historic structures, by adding a new subsection to read as follows:
"(b.1) Notwithstanding the provisions of subsections (b) and (c) of this Code section, any taxpayer that was preapproved by the commissioner to claim tax credits pursuant to this Code section for certified structures other than historic homes for tax year 2027 or 2028 shall be authorized to claim the tax credits allowed pursuant to this Code section for a certified rehabilitation in the authorized tax year or in tax year 2026, provided that such taxpayer obtains a certificate of occupancy for such certified structureon or before July 1, 2026; provided, however, that any taxpayer that claims tax credits pursuant to this subsection in tax year 2026 shall only be allowed to claim such credits in an amount:
(A) Not to exceed 90 percent of the amount otherwise allowed pursuant to this Code section if such credit was preapproved for tax year 2027; or
(B) Not to exceed 85 percent of the amount otherwise allowed pursuant to this Code section if such credit was preapproved for tax year 2028."
SECTION 2.
All laws and parts of laws in conflict with this Act are repealed.