| 8 | | - | taxes, so as to decrease the aggregate cap for the tax credit for the rehabilitation of historic3 |
|---|
| 9 | | - | homes; to provide for related matters; to provide for an effective date and applicability; to4 |
|---|
| 10 | | - | repeal conflicting laws; and for other purposes.5 |
|---|
| 11 | | - | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 |
|---|
| 12 | | - | SECTION 1.7 |
|---|
| 13 | | - | Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the8 |
|---|
| 14 | | - | imposition, rate, computation, exemptions, and credits relative to income taxes, is amended9 |
|---|
| 15 | | - | in Code Section 48-7-29.8, relating to tax credits for the rehabilitation of historic structures10 |
|---|
| 16 | | - | and conditions, and limitations, by revising subparagraph (c)(3)(A) as follows:11 |
|---|
| 17 | | - | "(3)(A) Prior to January 1, 2022, in no event shall credits issued under this Code12 |
|---|
| 18 | | - | section for projects earning more than $300,000.00 in credits exceed in the aggregate13 |
|---|
| 19 | | - | $25 million per calendar year.14 |
|---|
| 20 | | - | - 1 - 24 LC 50 0911S |
|---|
| 21 | | - | (B) For calendar year 2022, in no event shall credits issued under this Code section15 |
|---|
| 22 | | - | exceed $5 million in aggregate for all projects earning $300,000.00 or less, or $2516 |
|---|
| 23 | | - | million in aggregate for all projects earning more than $300,000.00.17 |
|---|
| 24 | | - | (C) For calendar years 2023 and 2024, in In no event shall credits issued under this18 |
|---|
| 25 | | - | Code section for historic homes exceed $5 $2.5 million in aggregate per year. On and19 |
|---|
| 26 | | - | after January 1, 2025, no credits shall be issued under this Code section for historic20 |
|---|
| 27 | | - | homes.21 |
|---|
| 28 | | - | (D)(B) For calendar years 2023 through 2027, in no event shall credits issued under22 |
|---|
| 29 | | - | this Code section for certified structures other than historic homes exceed $30 million23 |
|---|
| 30 | | - | in aggregate per year.24 |
|---|
| 31 | | - | (E)(C) On and after January 1, 2028, in no event shall credits be issued under this Code25 |
|---|
| 32 | | - | section."26 |
|---|
| 33 | | - | SECTION 2.27 |
|---|
| 34 | | - | This Act shall become effective on January 1, 2025, and shall be applicable to taxable years28 |
|---|
| 35 | | - | beginning on or after such date.29 |
|---|
| 36 | | - | SECTION 3.30 |
|---|
| 37 | | - | All laws and parts of laws in conflict with this Act are repealed.31 |
|---|
| 38 | | - | - 2 - |
|---|
| 20 | + | taxes, so as to extend the sunset dates for the tax credits for the rehabilitation of historic3 |
|---|
| 21 | + | structures; to expand the criteria for historic homes to qualify for such credits; to increase the4 |
|---|
| 22 | + | aggregate caps for credits related to historic structures other than historic homes; to provide5 |
|---|
| 23 | + | for a five-year carry-forward period for credits for historic structures other than historic6 |
|---|
| 24 | + | homes; to extend a provision for an automatic repeal; to provide for related matters; to7 |
|---|
| 25 | + | provide for an effective date and applicability; to repeal conflicting laws; and for other8 |
|---|
| 26 | + | purposes.9 |
|---|
| 27 | + | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:10 |
|---|
| 28 | + | SECTION 1.11 |
|---|
| 29 | + | Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the12 |
|---|
| 30 | + | imposition, rate, computation, exemptions, and credits relative to income taxes, is amended13 |
|---|
| 31 | + | by revising Code Section 48-7-29.8, relating to tax credits for the rehabilitation of historic14 |
|---|
| 32 | + | structures and conditions, and limitations, as follows:15 |
|---|
| 33 | + | H. B. 1116 (SUB) |
|---|
| 34 | + | - 1 - 24 LC 50 0756S |
|---|
| 35 | + | "48-7-29.8. |
|---|
| 36 | + | 16 |
|---|
| 37 | + | (a) As used in this Code section, the term:17 |
|---|
| 38 | + | (1) 'Certified rehabilitation' means repairs or alterations to a certified structure which are18 |
|---|
| 39 | + | certified by the Department of Community Affairs as meeting the United States Secretary19 |
|---|
| 40 | + | of the Interior's Standards for Rehabilitation or the Georgia Standards for Rehabilitation20 |
|---|
| 41 | + | as provided by the Department of Community Affairs.21 |
|---|
| 42 | + | (2) 'Certified structure' means a historic building or structure that is located within a22 |
|---|
| 43 | + | national historic district, individually listed on the National Register of Historic Places,23 |
|---|
| 44 | + | individually listed in the Georgia Register of Historic Places, or is certified by the24 |
|---|
| 45 | + | Department of Community Affairs as contributing to the historic significance of a25 |
|---|
| 46 | + | Georgia Register Historic District; provided, however, that on and after January 1, 2026, |
|---|
| 47 | + | 26 |
|---|
| 48 | + | such term, as it relates to historic homes, means a historic building or structure that is27 |
|---|
| 49 | + | certified by the Department of Community Affairs as contributing to the historic28 |
|---|
| 50 | + | significance of a listed National Register Historic District, individually listed on the29 |
|---|
| 51 | + | National Register of Historic Places, is certified by the Department of Community Affairs30 |
|---|
| 52 | + | as contributing to the historic significance of a listed Georgia Register Historic District,31 |
|---|
| 53 | + | individually listed in the Georgia Register of Historic Places, or designated as a historic32 |
|---|
| 54 | + | property or contributing to a district under local law and certified by the Department of33 |
|---|
| 55 | + | Community Affairs as meeting National Register criteria.34 |
|---|
| 56 | + | (3) 'Historic home' means a certified structure which, or any portion of which is or will,35 |
|---|
| 57 | + | within a reasonable period, be owned and used as the principal residence of the person36 |
|---|
| 58 | + | claiming the tax credit allowed under this Code section. Historic home Such term shall37 |
|---|
| 59 | + | include any structure or group of structures that constitute a multifamily or multipurpose38 |
|---|
| 60 | + | structure, including a cooperative or condominium. If only a portion of a building is used39 |
|---|
| 61 | + | as such person's principal residence, only those qualified rehabilitation expenditures that40 |
|---|
| 62 | + | are properly allocable to such portion shall be deemed to be made to a historic home.41 |
|---|
| 63 | + | H. B. 1116 (SUB) |
|---|
| 64 | + | - 2 - 24 LC 50 0756S |
|---|
| 65 | + | (4) 'Qualified rehabilitation expenditure' means any qualified rehabilitation expenditure |
|---|
| 66 | + | 42 |
|---|
| 67 | + | as defined by Section 47(c)(2) of the Internal Revenue Code of 1986 and any amount43 |
|---|
| 68 | + | properly chargeable to a capital account expended in the substantial rehabilitation of a44 |
|---|
| 69 | + | structure that by the end of the taxable year in which the certified rehabilitation is45 |
|---|
| 70 | + | completed is a certified structure. This |
|---|
| 71 | + | Such term does shall not include the cost of46 |
|---|
| 72 | + | acquisition of the certified structure, the cost attributable to enlargement or additions to47 |
|---|
| 73 | + | an existing building, site preparation, or personal property.48 |
|---|
| 74 | + | (5) 'Substantial rehabilitation' means rehabilitation of a certified structure for which the49 |
|---|
| 75 | + | qualified rehabilitation expenditures, at least 5 percent of which must shall be allocable50 |
|---|
| 76 | + | to the exterior during the 24 month period selected by the taxpayer ending with or within51 |
|---|
| 77 | + | the taxable year, exceed:52 |
|---|
| 78 | + | (A) For a historic home, the lesser of $25,000.00 or 50 percent of the adjusted basis of53 |
|---|
| 79 | + | the property as defined provided for in subparagraph (a)(1)(B) of Code Section54 |
|---|
| 80 | + | 48-5-7.2; or, in the case of a historic home located in a target area, $5,000.00; or55 |
|---|
| 81 | + | (B) For any other certified structure, the greater of $5,000.00 or the adjusted basis of56 |
|---|
| 82 | + | the property.57 |
|---|
| 83 | + | (6) 'Target area' means a qualified census tract under Section 42 of the Internal Revenue58 |
|---|
| 84 | + | Code of 1986, found in the United States Department of Housing and Urban59 |
|---|
| 85 | + | Development document number N-94-3821; FR-3796-N-01.60 |
|---|
| 86 | + | (b) A taxpayer shall be allowed a tax credit against the tax imposed by this chapter in the61 |
|---|
| 87 | + | year that the certified rehabilitation is placed in service, which may be up to two years after62 |
|---|
| 88 | + | the end of the taxable year for which the credit was originally reserved:63 |
|---|
| 89 | + | (1) In the case of a historic home, equal to 25 percent of qualified rehabilitation64 |
|---|
| 90 | + | expenditures, except that, in the case of a historic home located within a target area, an65 |
|---|
| 91 | + | additional credit equal to 5 percent of qualified rehabilitation expenditures shall be66 |
|---|
| 92 | + | allowed; and67 |
|---|
| 93 | + | H. B. 1116 (SUB) |
|---|
| 94 | + | - 3 - 24 LC 50 0756S |
|---|
| 95 | + | (2) In the case of any other certified structure, equal to 25 percent of qualified |
|---|
| 96 | + | 68 |
|---|
| 97 | + | rehabilitation expenditures.69 |
|---|
| 98 | + | Qualified rehabilitation expenditures may |
|---|
| 99 | + | shall only be counted once in determining the70 |
|---|
| 100 | + | amount of the tax credit available, and more than one entity may shall not claim a credit71 |
|---|
| 101 | + | for the same qualified rehabilitation expenditures.72 |
|---|
| 102 | + | (c)(1) In no event shall credits for a historic home exceed $100,000.00 in any 120 month73 |
|---|
| 103 | + | period.74 |
|---|
| 104 | + | (2) The maximum credit for any other individual certified structure shall be $5 $7.575 |
|---|
| 105 | + | million for any taxable year, except in the case that the project creates 200 or more76 |
|---|
| 106 | + | full-time, permanent jobs or $5 million in annual payroll within two years of the placed77 |
|---|
| 107 | + | in service date, in which case the project is shall be eligible for credits up to $10 $1578 |
|---|
| 108 | + | million for an individual certified structure. In no event shall more than one application79 |
|---|
| 109 | + | for any individual certified structure under this paragraph be approved in any 120 month80 |
|---|
| 110 | + | period.81 |
|---|
| 111 | + | (3)(A) Prior to January 1, 2022, in no event shall credits issued under this Code section82 |
|---|
| 112 | + | for projects earning more than $300,000.00 in credits exceed in the aggregate $2583 |
|---|
| 113 | + | million per calendar year.84 |
|---|
| 114 | + | (B) For calendar year 2022, in no event shall credits issued under this Code section85 |
|---|
| 115 | + | exceed $5 million in aggregate for all projects earning $300,000.00 or less, or $2586 |
|---|
| 116 | + | million in aggregate for all projects earning more than $300,000.00.87 |
|---|
| 117 | + | (C) For calendar years 2023 and 2024, in In no event shall credits issued under this88 |
|---|
| 118 | + | Code section for historic homes exceed $5 million in aggregate per year. On and after89 |
|---|
| 119 | + | January 1, 2025 2035, no credits shall be issued under this Code section for historic90 |
|---|
| 120 | + | homes.91 |
|---|
| 121 | + | (D)(B) For calendar years 2023 through 2027, in In no event shall credits issued under92 |
|---|
| 122 | + | this Code section for certified structures other than historic homes exceed $30 $6093 |
|---|
| 123 | + | million in aggregate per year.94 |
|---|
| 124 | + | H. B. 1116 (SUB) |
|---|
| 125 | + | - 4 - 24 LC 50 0756S |
|---|
| 126 | + | (E)(C) On and after January 1, 2028 2029, in no event shall credits be issued under this95 |
|---|
| 127 | + | Code section for certified structures other than historic homes.96 |
|---|
| 128 | + | (d)(1) A taxpayer seeking to claim a tax credit under paragraph (2) of subsection (b) of97 |
|---|
| 129 | + | this Code section shall submit an application to the commissioner for preapproval of such98 |
|---|
| 130 | + | tax credit. Such application shall include a precertification from the Department of99 |
|---|
| 131 | + | Community Affairs certifying that the improvements to the certified structure are to be100 |
|---|
| 132 | + | consistent with the Department of Community Affairs Standards for Rehabilitation. The101 |
|---|
| 133 | + | Department department shall have the authority to require electronic submission of such102 |
|---|
| 134 | + | application in the manner specified by the department. The commissioner shall103 |
|---|
| 135 | + | preapprove the tax credits within 30 days based on the order in which properly completed104 |
|---|
| 136 | + | applications were submitted. In the event that two or more applications were submitted105 |
|---|
| 137 | + | on the same day and the amount of funds available will not be sufficient to fully fund the106 |
|---|
| 138 | + | tax credits requested, the commissioner shall prorate the available funds between or107 |
|---|
| 139 | + | among the applicants. Applications submitted after the annual limitations provided for108 |
|---|
| 140 | + | in paragraph (3) of subsection (c) of this Code section have been met shall be given109 |
|---|
| 141 | + | priority the following year.110 |
|---|
| 142 | + | (2) In order to be eligible to receive the credit authorized under subsection (b) of this111 |
|---|
| 143 | + | Code section, a taxpayer must shall attach to the taxpayer's state tax return a copy of the112 |
|---|
| 144 | + | completed certification of the Department of Community Affairs verifying that the113 |
|---|
| 145 | + | improvements to the certified structure are consistent with the Department of Community114 |
|---|
| 146 | + | Affairs Standards for Rehabilitation.115 |
|---|
| 147 | + | (e)(1) If the credit allowed under paragraph (1) of subsection (b) of this Code section in116 |
|---|
| 148 | + | any taxable year exceeds the total tax otherwise payable by the taxpayer for that taxable117 |
|---|
| 149 | + | year, the taxpayer may apply the excess as a credit for succeeding years until the earlier118 |
|---|
| 150 | + | of:119 |
|---|
| 151 | + | (A) The full amount of the excess is used; or120 |
|---|
| 152 | + | H. B. 1116 (SUB) |
|---|
| 153 | + | - 5 - 24 LC 50 0756S |
|---|
| 154 | + | (B) The expiration of the tenth taxable year after the taxable year in which the certified |
|---|
| 155 | + | 121 |
|---|
| 156 | + | rehabilitation has been completed.122 |
|---|
| 157 | + | (2) If the credit allowed under paragraph (2) of subsection (b) of this Code section in any |
|---|
| 158 | + | 123 |
|---|
| 159 | + | taxable year exceeds the total tax otherwise payable by the taxpayer for that taxable year,124 |
|---|
| 160 | + | the taxpayer may apply the excess as a credit for succeeding years until the earlier of:125 |
|---|
| 161 | + | (A) The full amount of the excess is used; or126 |
|---|
| 162 | + | (B) The expiration of the fifth taxable year after the taxable year in which the certified127 |
|---|
| 163 | + | rehabilitation has been completed.128 |
|---|
| 164 | + | (2)(3) Any tax credits with respect to credits earned by a taxpayer under paragraph (2)129 |
|---|
| 165 | + | of subsection (b) of this Code section and previously claimed but not used by such130 |
|---|
| 166 | + | taxpayer against its income tax may be transferred or sold in whole or in part by such131 |
|---|
| 167 | + | taxpayer to another Georgia taxpayer, subject to the following conditions:132 |
|---|
| 168 | + | (A) A taxpayer who that makes qualified rehabilitation expenditures may sell or assign133 |
|---|
| 169 | + | all or part of the tax credit that may be claimed for such costs and expenses to one or134 |
|---|
| 170 | + | more entities, but no further sale or assignment of any credit previously sold or assigned135 |
|---|
| 171 | + | pursuant to this subparagraph shall be allowed. All such transfers shall be subject to136 |
|---|
| 172 | + | the maximum total limits provided by subsection (c) of this Code section;137 |
|---|
| 173 | + | (B) A taxpayer who that sells or assigns a credit under this Code section and the entity138 |
|---|
| 174 | + | to which the credit is sold or assigned shall jointly submit written notice of the sale or139 |
|---|
| 175 | + | assignment to the department not later than 30 days after the date of the sale or140 |
|---|
| 176 | + | assignment. The Such notice must shall include:141 |
|---|
| 177 | + | (i) The date of the sale or assignment;142 |
|---|
| 178 | + | (ii) The amount of the credit sold or assigned;143 |
|---|
| 179 | + | (iii) The names and federal tax identification numbers of the entity that sold or144 |
|---|
| 180 | + | assigned the credit or part of the credit and the entity to which the credit or part of the145 |
|---|
| 181 | + | credit was sold or assigned; and146 |
|---|
| 182 | + | H. B. 1116 (SUB) |
|---|
| 183 | + | - 6 - 24 LC 50 0756S |
|---|
| 184 | + | (iv) The amount of the credit owned by the selling or assigning entity before the sale |
|---|
| 185 | + | 147 |
|---|
| 186 | + | or assignment and the amount the selling or assigning entity retained, if any, after the148 |
|---|
| 187 | + | sale or assignment;149 |
|---|
| 188 | + | (C) The sale or assignment of a credit in accordance with this Code section does |
|---|
| 189 | + | shall150 |
|---|
| 190 | + | not extend the period for which a credit may be carried forward and does shall not151 |
|---|
| 191 | + | increase the total amount of the credit that may be claimed. After an entity claims a152 |
|---|
| 192 | + | credit for eligible costs and expenses, another entity may shall not use the same costs153 |
|---|
| 193 | + | and expenses as the basis for claiming a credit;154 |
|---|
| 194 | + | (D) Notwithstanding the requirements of this subsection, a credit earned or purchased155 |
|---|
| 195 | + | by, or assigned to a partnership, limited liability company, Subchapter 'S' corporation,156 |
|---|
| 196 | + | or other pass-through entity may be allocated to the partners, members, or shareholders157 |
|---|
| 197 | + | of that entity and claimed under this Code section in accordance with the provisions of158 |
|---|
| 198 | + | any agreement among the partners, members, or shareholders of that entity and without159 |
|---|
| 199 | + | regard to the ownership interest of the partners, members, or shareholders in the160 |
|---|
| 200 | + | rehabilitated certified structure, provided that the entity or person that claims the credit161 |
|---|
| 201 | + | must shall be subject to Georgia tax; and162 |
|---|
| 202 | + | (E) Only a taxpayer who earned a credit, and no subsequent good faith transferee, shall163 |
|---|
| 203 | + | be responsible in the event of a recapture, reduction, disallowance, or other failure164 |
|---|
| 204 | + | related to such credit.165 |
|---|
| 205 | + | (3)(4) No such credit shall be allowed the taxpayer against prior years' tax liability.166 |
|---|
| 206 | + | (f) In the case of any rehabilitation which may reasonably be expected to be completed in167 |
|---|
| 207 | + | phases set forth in architectural plans and specifications completed before the rehabilitation168 |
|---|
| 208 | + | begins, a 60 month period may be substituted for the 24 month period provided for in169 |
|---|
| 209 | + | paragraph (5) of subsection (a) of this Code section.170 |
|---|
| 210 | + | (g)(1) Except as otherwise provided in subsection (h) of this Code section, in the event171 |
|---|
| 211 | + | a tax credit under this Code section has been claimed and allowed the taxpayer, upon the172 |
|---|
| 212 | + | sale or transfer of the certified structure, the taxpayer shall be authorized to transfer the173 |
|---|
| 213 | + | H. B. 1116 (SUB) |
|---|
| 214 | + | - 7 - 24 LC 50 0756S |
|---|
| 215 | + | remaining unused amount of such credit to the purchaser of such certified structure. If |
|---|
| 216 | + | 174 |
|---|
| 217 | + | a historic home for which a certified rehabilitation has been completed by a nonprofit175 |
|---|
| 218 | + | corporation is sold or transferred, the full amount of the credit to which the nonprofit176 |
|---|
| 219 | + | corporation would be entitled if taxable shall be transferred to the purchaser or transferee177 |
|---|
| 220 | + | at the time of sale or transfer.178 |
|---|
| 221 | + | (2) Such purchaser shall be subject to the limitations of subsection (e) of this Code179 |
|---|
| 222 | + | section. Such purchaser shall file with such purchaser's tax return a copy of the approval180 |
|---|
| 223 | + | of the rehabilitation by the Department of Community Affairs as provided in subsection181 |
|---|
| 224 | + | (d) of this Code section and a copy of the form evidencing the transfer of the tax credit.182 |
|---|
| 225 | + | (3) Such purchaser shall be entitled to rely in good faith on the information contained in183 |
|---|
| 226 | + | and used in connection with obtaining the approval of the credit including, without184 |
|---|
| 227 | + | limitation, the amount of qualified rehabilitation expenditures.185 |
|---|
| 228 | + | (h)(1) If an owner other than a nonprofit corporation sells a historic home within three186 |
|---|
| 229 | + | years of receiving the credit, the seller shall recapture the credit to the Department of187 |
|---|
| 230 | + | Revenue as follows:188 |
|---|
| 231 | + | (A) If the property is sold within one year of receiving the credit, the recapture amount189 |
|---|
| 232 | + | will |
|---|
| 233 | + | shall equal the lesser of the credit or the net profit of the sale;190 |
|---|
| 234 | + | (B) If the property is sold within two years of receiving the credit, the recapture191 |
|---|
| 235 | + | amount will shall equal the lesser of two-thirds of the credit or the net profit of the sale;192 |
|---|
| 236 | + | or193 |
|---|
| 237 | + | (C) If the property is sold within three years of receiving the credit, the recapture194 |
|---|
| 238 | + | amount will shall equal the lesser of one-third of the credit or the net profit of the sale.195 |
|---|
| 239 | + | (2) The recapture provisions of this subsection shall not apply to a sale resulting from the196 |
|---|
| 240 | + | death of the owner.197 |
|---|
| 241 | + | (i)(1) In the event that a taxpayer claims the tax credit under paragraph (2) of subsection198 |
|---|
| 242 | + | (b) of this Code section and leases such certified structure, the department shall aggregate199 |
|---|
| 243 | + | all total sales tax receipts from the certified structure.200 |
|---|
| 244 | + | H. B. 1116 (SUB) |
|---|
| 245 | + | - 8 - 24 LC 50 0756S |
|---|
| 246 | + | (2) Any taxpayer claiming credits under paragraph (2) of subsection (b) of this Code |
|---|
| 247 | + | 201 |
|---|
| 248 | + | section shall report to the department the average full-time employees employed at the202 |
|---|
| 249 | + | certified structure. A full-time employee for the purposes of this Code section shall mean203 |
|---|
| 250 | + | a person who works a job that requires 30 or more hours per week. Such reports must |
|---|
| 251 | + | 204 |
|---|
| 252 | + | shall be submitted to the department for five calendar years following the year in which205 |
|---|
| 253 | + | the credit is claimed by the taxpayer.206 |
|---|
| 254 | + | (3) In the event that a taxpayer claims the tax credit under paragraph (2) of subsection207 |
|---|
| 255 | + | (b) of this Code section and leases such certified structure, the department shall aggregate208 |
|---|
| 256 | + | all total full-time employees at the certified structure.209 |
|---|
| 257 | + | (j) Notwithstanding Code Sections 48-2-15, 48-7-60, and 48-7-61, the department shall210 |
|---|
| 258 | + | furnish a report to the chairperson of the House Committee on Ways and Means and the211 |
|---|
| 259 | + | chairperson of the Senate Finance Committee by June 30 of each year. Such report shall212 |
|---|
| 260 | + | contain the total sales tax collected in the prior calendar year and the average number of213 |
|---|
| 261 | + | full-time employees at the certified structure and the total value of credits claimed for each214 |
|---|
| 262 | + | taxpayer claiming credits under paragraph (2) of subsection (b) of this Code section.215 |
|---|
| 263 | + | (k) The tax credit allowed under paragraph (1) of subsection (b) of this Code section, and216 |
|---|
| 264 | + | any recaptured tax credit, shall be allocated among some or all of the partners, members,217 |
|---|
| 265 | + | or shareholders of the entity owning the project in any manner agreed to by such persons,218 |
|---|
| 266 | + | whether or not such persons are allocated or allowed any portion of any other tax credit219 |
|---|
| 267 | + | with respect to the project.220 |
|---|
| 268 | + | (l) The Department of Community Affairs and the Department of Revenue shall prescribe221 |
|---|
| 269 | + | such regulations as may be appropriate to carry out the purposes of this Code section.222 |
|---|
| 270 | + | (m) The Department of Community Affairs shall report, on an annual basis, on the overall223 |
|---|
| 271 | + | economic activity, usage, and impact to the state from the rehabilitation of eligible224 |
|---|
| 272 | + | properties for which credits provided by this Code section have been allowed.225 |
|---|
| 273 | + | (n) This Code section shall stand repealed and reserved by operation of law on December226 |
|---|
| 274 | + | 31, 2027 2034."227 |
|---|
| 275 | + | H. B. 1116 (SUB) |
|---|
| 276 | + | - 9 - 24 LC 50 0756S |
|---|
| 277 | + | SECTION 3. |
|---|
| 278 | + | 228 |
|---|
| 279 | + | This Act shall become effective on January 1, 2025, and shall be applicable to taxable years229 |
|---|
| 280 | + | beginning on or after such date.230 |
|---|
| 281 | + | SECTION 4.231 |
|---|
| 282 | + | All laws and parts of laws in conflict with this Act are repealed. 232 |
|---|
| 283 | + | H. B. 1116 (SUB) |
|---|
| 284 | + | - 10 - |
|---|