24 LC 50 0667
House Bill 1116
By: Representatives Buckner of the 137
th
, Stephens of the 164
th
, Houston of the 170
th
,
Blackmon of the 146
th
, and Holcomb of the 81
st
A BILL TO BE ENTITLED
AN ACT
To amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated,
1
relating to the imposition, rate, computation, exemptions, and credits relative to income2
taxes, so as to extend the sunset date for the historic home portion of the tax credits for the3
rehabilitation of historic structures; to extend a provision for an automatic repeal of such tax4
credits; to provide for related matters; to repeal conflicting laws; and for other purposes.5
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6
SECTION 1.7
Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the8
imposition, rate, computation, exemptions, and credits relative to income taxes, is amended9
by revising paragraph (3) of subsection (c) and subsection (n) of Code Section 48-7-29.8,10
relating to tax credits for the rehabilitation of historic structures and conditions and11
limitations, as follows:12
"(3)(A) Prior to January 1, 2022, in no event shall credits issued under this Code
13
section for projects earning more than $300,000.00 in credits exceed in the aggregate14
$25 million per calendar year.15
H. B. 1116
- 1 - 24 LC 50 0667
(B) For calendar year 2022, in no event shall credits issued under this Code section16
exceed $5 million in aggregate for all projects earning $300,000.00 or less, or $2517
million in aggregate for all projects earning more than $300,000.00.18
(C) For calendar years 2023 and 2024, in In no event shall credits issued under this19
Code section for historic homes exceed $5 million in aggregate per year. On and after20
January 1, 2025 2035, no credits shall be issued under this Code section for historic21
homes.22
(D)(B) For calendar years 2023 through 2027, in In no event shall credits issued under23
this Code section for certified structures other than historic homes exceed $30 million24
in aggregate per year.25
(E) On and after January 1, 2028, in no event shall credits be issued under this Code26
section for certified structures other than historic homes."27
"(n) This Code section shall stand repealed and reserved by operation of law on December28
31, 2027 2034."29
SECTION 2.30
All laws and parts of laws in conflict with this Act are repealed.31
H. B. 1116
- 2 -