24 LC 50 0911S
The Senate Committee on Finance offered the following
substitute to HB 1116:
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 decrease the aggregate cap for the tax credit for the rehabilitation of historic3
homes; to provide for related matters; to provide for an effective date and applicability; to4
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
in Code Section 48-7-29.8, relating to tax credits for the rehabilitation of historic structures10
and conditions, and limitations, by revising subparagraph (c)(3)(A) as follows:11
"(3)(A) Prior to January 1, 2022, in no event shall credits issued under this Code12
section for projects earning more than $300,000.00 in credits exceed in the aggregate13
$25 million per calendar year.14
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(B) For calendar year 2022, in no event shall credits issued under this Code section15
exceed $5 million in aggregate for all projects earning $300,000.00 or less, or $2516
million in aggregate for all projects earning more than $300,000.00.17
(C) For calendar years 2023 and 2024, in In no event shall credits issued under this18
Code section for historic homes exceed $5 $2.5 million in aggregate per year. On and19
after January 1, 2025, no credits shall be issued under this Code section for historic20
homes.21
(D)(B) For calendar years 2023 through 2027, in no event shall credits issued under22
this Code section for certified structures other than historic homes exceed $30 million23
in aggregate per year.24
(E)(C) On and after January 1, 2028, in no event shall credits be issued under this Code25
section."26
SECTION 2.27
This Act shall become effective on January 1, 2025, and shall be applicable to taxable years28
beginning on or after such date.29
SECTION 3.30
All laws and parts of laws in conflict with this Act are repealed.31
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