HB1079: HB1079 Income tax; credits for rehabilitation of historic structures; revise expiration and transferability

26 LC 44 3313 House Bill 1079 By: Representatives Jones of the 143rd, Hilton of the 48th, Stephens of the 164th, Washburn of the 144th, Herring of the 145th, and others A BILL TO BE ENTITLED AN ACT To amend Code Section 48-7-29.8 of the Official Code of Georgia Annotated, relating to tax1 credits for the rehabilitation of historic structures, so as to revise expiration and2 transferability; to provide for reversion and reporting; to provide for construction; to provide3 for related matters; to provide for an effective date; to repeal conflicting laws; and for other4 purposes.5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 SECTION 1.7 Code Section 48-7-29.8 of the Official Code of Georgia Annotated, relating to tax credits for8 the rehabilitation of historic structures, is amended by revising paragraph (1) of subsection9 (e) and subsection (f) and adding a new subsection to read as follows:10 "(e)(1)(A) If the credit allowed under paragraph (1) of subsection (b) o f this Code11 section in any taxable year exceeds the total tax otherwise payable by the taxpayer for12 that taxable year, the taxpayer may apply the excess as a credi t for succeeding years13 until the earlier of:14 (A)(i) The full amount of the excess is used; or15 H. B. 1079 - 1 - 26 LC 44 3313 (B)(ii) The expiration of the tenth second taxable year after the taxable year in which16 the certified rehabilitation has been completed.17 (B) Any amount of the historic rehabilitation tax credit that is not claimed within the18 time frame set forth in division (1)(A)(ii) of this subsection shall expire, be of no19 further use to the original taxpayer or any transferee, and revert to the state.20 (C) The department shall report annually to the Governor and the General Assembly21 the total amount of historic rehabilitation tax credits that ha ve expired and reverted22 under subparagraph (B) of this paragraph."23 "(f) In the case of any rehabilitation which may reasonably be expected to be completed24 in phases set forth in architectural plans and specifications c ompleted before the25 rehabilitation begins, a 60 month period may be substituted for the 24 month period26 provided for in paragraph (5) of subsection (a) of this Code se ction Except as otherwise27 provided in this subsection, in the event a tax credit under th is Code section has been28 claimed and allowed to a taxpayer, upon the sale or transfer of the certified structure, the29 taxpayer shall be authorized to transfer the remaining unused amount of such credit to the30 purchaser of such certified structure. A credit transferred under this subsection shall remain31 subject to the time frame set forth in division (e)(1)(A)(ii) o f this Code section and any32 portion not claimed by the end of such period shall expire and revert to the state."33 "(h.1)(A) For credits that expire and revert under subparagraph (e)(1)(B) or subsection34 (f) of this Code section, the amount of such credits may be appropriated by the General35 Assembly for other state economic development initiatives, hist oric preservation36 programs, community revitalization projects, affordable housing , or other public37 purposes.38 (B) Nothing in this subsection shall create a property right o r entitlement to receive39 such reallocated funds by any specific taxpayer, project, or class of projects."40 H. B. 1079 - 2 - 26 LC 44 3313 SECTION 2.41 This Act shall become effective on January 1, 2027.42 SECTION 3.43 All laws and parts of laws in conflict with this Act are repealed.44 H. B. 1079 - 3 -