HB 360: Revenue and taxation; rehabilitation of historic structures; revise tax credit

Georgia offers an income tax credit under O.C.G.A. § 48-7-29.8 for rehabilitating certified historic structures, and developers must apply and get preapproved by the state revenue commissioner for a specific tax year before claiming it. This bill adds a new rule for taxpayers who were already preapproved to claim the credit in tax year 2027 or 2028 for buildings other than historic homes. Under the bill, those taxpayers can choose to claim the credit early, in tax year 2026, instead of waiting for their originally approved year, as long as they obtain a certificate of occupancy for the rehabilitated building by July 1, 2026. If they take the credit early, the amount is reduced: they can claim up to 90 percent of the normal credit if their original approval was for 2027, or up to 85 percent if it was for 2028. The change applies only to preapproved projects meeting these conditions and repeals any conflicting laws.

• Adds a new subsection to Georgia's historic rehabilitation tax credit law (O.C.G.A. § 48-7-29.8) allowing early claims for certain preapproved projects.
• Lets taxpayers preapproved for the credit in tax year 2027 or 2028 instead claim it in tax year 2026, if the project is finished on time.
• Requires the taxpayer to obtain a certificate of occupancy for the rehabilitated structure by July 1, 2026 to qualify for the early claim.
• Caps the early 2026 credit at 90 percent of the normal amount for projects originally approved for 2027, and 85 percent for those approved for 2028.
• Limits the new option to certified structures other than historic homes, meaning income-producing or commercial historic buildings rather than personal residences.

Developers and property owners who rehabilitate certified historic structures (other than historic homes) and who already received state preapproval to claim the tax credit for tax year 2027 or 2028. The Georgia Department of Revenue, which administers the credit, is also affected.

Developers with preapproved historic rehabilitation projects could get access to tax credit money a year or two sooner than planned, which may help with financing and construction timelines, but only by accepting a smaller credit and meeting a hard July 2026 completion deadline.

• Section 1 adds subsection (b.1) to O.C.G.A. § 48-7-29.8, creating an exception to the normal timing rules for claiming the historic rehabilitation tax credit.
• The exception applies only to taxpayers preapproved by the commissioner for tax year 2027 or 2028, for certified structures other than historic homes.
• Taxpayers may claim the credit in tax year 2026 instead of their preapproved year if they get a certificate of occupancy by July 1, 2026.
• Credits claimed early are capped at 90 percent of the normal amount for 2027-preapproved projects and 85 percent for 2028-preapproved projects.
• Section 2 repeals any conflicting laws.

1. 2025-05-14Effective Date 2025-07-01
2. 2025-05-14Act 262
3. 2025-05-14House Date Signed by Governor (Cámara de Representantes)
4. 2025-04-09House Sent to Governor (Cámara de Representantes)
5. 2025-04-04House Agreed Senate Amend or Sub (Cámara de Representantes)
6. 2025-04-04Senate Reconsidered Passed/Adopted As Amended (Senado)
7. 2025-04-04Senate Taken from Table (Senado)
8. 2025-04-02Senate Tabled (Senado)

• Chuck Efstration (R, HD-104)Patrocinador principal
• Ron Stephens (R, HD-164)
• Todd Jones (R, HD-025)
• Shaw Blackmon (R, HD-146)
• Bruce Williamson (R, HD-112)
• Scott Holcomb (D, HD-101)
• Clint Dixon (R, SD-045)

1. AprobadaVotación: Cámara de Representantes6 de marzo de 2025

   168 a favor, 3 en contra (6 sin votar, 3 ausentes)

   Passage: House Vote #211

2. AprobadaVotación: Senado28 de marzo de 2025

   34 a favor, 17 en contra (0 sin votar, 5 ausentes)

   Motion To Remove From The Table: Senate Vote #332

3. AprobadaVotación: Senado28 de marzo de 2025

   26 a favor, 24 en contra (1 sin votar, 5 ausentes)

   Passage: Senate Vote #333

4. AprobadaVotación: Senado31 de marzo de 2025

   51 a favor, 4 en contra (1 sin votar, 0 ausentes)

   Motion For Reconsideration: Senate Vote #337

5. AprobadaVotación: Cámara de Representantes4 de abril de 2025

   158 a favor, 5 en contra (7 sin votar, 10 ausentes)

   Agree To Senate Amendment: House Vote #443

6. AprobadaVotación: Senado4 de abril de 2025

   49 a favor, 6 en contra (0 sin votar, 1 ausentes)

   Passage As Amended: Senate Vote #460

• historic preservation
• tax credits
• property taxes
• economic development