HB1449: HB1449 Georgia Gold Standard Opportunity Grant Act of 2026; enact

26 LC 48 1730 House Bill 1449 By: Representatives Jackson of the 68th, Reese of the 140th, Mitchell of the 88th, Holly of the 116th, Scott of the 76th, and others A BILL TO BE ENTITLED AN ACT To amend Chapter 8 of Title 50 of the Official Code of Georgia Annotated, relating to the1 Department of Community Affairs, so as to provide for the creation of a grant program for2 small businesses, small-scale farmers, and small nonprofit orga nizations; to provide for3 legislative findings; to provide for definitions; to provide for funding; to provide for annual4 review and reporting; to provide a short title; to provide for related matters; to provide for5 an effective date; and for other purposes.6 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:7 SECTION 1.8 This Act shall be known and may be cited as the "Georgia Gold Standard Opportunity Grant9 Act of 2026."10 SECTION 2.11 Chapter 8 of Title 50 of the Official Code of Georgia Annotated, relating to the Department12 of Community Affairs, is amended by adding a new article to read as follows:13 H. B. 1449 - 1 - 26 LC 48 1730 "ARTICLE 1414 50-8-320.15 The General Assembly finds that:16 (1) Georgia's historic economic surplus is the result of the hard work of its citizens and17 should be reinvested into the state's local economic engines;18 (2) Small businesses, small-scale farmers, and small nonprofit organizations are often19 unable to access traditional capital markets at competitive rates; and20 (3) Establishing a bold $1 billion grant initiative will bridg e the wealth gap, promote21 food security in urban and rural deserts, and strengthen the social safety net provided by22 community advocates and faith based engagement.23 50-8-321.24 As used in this article, the term:25 (1) 'Small business' means a business concern as defined in 15 U.S.C. Section 632 and26 which adheres to the size standards established by the United S tates Small Business27 Administration.28 (2) 'Small-scale farmer' means an individual or entity engaged in the production of29 agricultural products, including urban agriculture and community gardens, with a gross30 annual cash farm income of less than $500,000.00.31 (3) 'Small nonprofit organization' means an organization with an annual budget of less32 than $2 million that is:33 (A) Exempt from taxation under Section 501(c)(3) or 501(c)(4) of the Internal Revenue34 Code;35 (B) A faith based organization or church engaged in secular community engagement,36 including, but not limited to, food pantries, youth mentorship, and housing assistance;37 or38 H. B. 1449 - 2 - 26 LC 48 1730 (C) A community advocacy organization dedicated to public inte rest and civic39 engagement.40 50-8-322.41 (a) There is established the Georgia Gold Standard Opportunity Grant Program to be42 administered by the Department of Community Affairs.43 (b) The Department of Community Affairs is authorized to presc ribe rules, regulations,44 and procedures no later than January 1, 2027, as may be reasonable and necessary to carry45 out the purposes of this article and shall administer grant fun ds in accordance with the46 provisions of this article.47 (c)(1) Subject to appropriations made specifically for the purposes of this article, such48 funds shall provide grants for small businesses, small-scale farmers, and small nonprofit49 organizations.50 (2) Such small businesses, small-scale farmers, and small nonprofit organizations may51 apply for an annual grant of up to $50,000.00 to be used for ca pital improvements,52 equipment, operating expenses, and workforce development.53 (3) Priority shall be given to small nonprofit organizations t hat demonstrate a54 commitment to serving historically underutilized communities in both urban and rural55 areas.56 50-8-323.57 (a) The Georgia Department of Audits and Accounts in conjuncti on with the House58 Committee on Budget and Fiscal Affairs Oversight shall conduct an annual economic59 solvency review.60 (b) In any case where the state's revenue shortfall reserve fa lls below 10 percent of the61 previous year's net revenue, the Department of Community Affairs may temporarily adjust62 grant award amounts to ensure the long-term sustainability of grant funds.63 H. B. 1449 - 3 - 26 LC 48 1730 50-8-324.64 (a) The Department of Community Affairs shall prepare an annual report detailing:65 (1) All revenues and expenditures of the grant fund for the previous year;66 (2) The status of projects and initiatives supported by the grant fund; and67 (3) Recommendations for improvements.68 (b) The report provided for in subsection (a) of this Code section shall be submitted to the69 Governor, the Speaker of the House of Representatives, and the President of the Senate by70 December 31 of each year and made available on the Department of Community Affairs'71 website."72 SECTION 3.73 All laws and parts of laws in conflict with this Act are repealed.74 H. B. 1449 - 4 -