| 1 | 1 | | 24 LC 50 0683 |
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| 2 | 2 | | House Bill 1134 |
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| 3 | 3 | | By: Representatives Stephens of the 164 |
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| 4 | 4 | | th |
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| 5 | 5 | | , Sainz of the 180 |
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| 6 | 6 | | th |
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| 7 | 7 | | , and Buckner of the 137 |
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| 8 | 8 | | th |
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| 9 | 9 | | |
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| 10 | 10 | | A BILL TO BE ENTITLED |
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| 11 | 11 | | AN ACT |
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| 12 | 12 | | To amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, |
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| 13 | 13 | | 1 |
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| 14 | 14 | | relating to the imposition, rate, computation, exemptions, and credits relative to income2 |
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| 15 | 15 | | taxes, so as to extend the sunset date for the tax credits for the rehabilitation of historic3 |
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| 16 | 16 | | structures; to expand the criteria for historic homes to qualify for such credits; to increase the4 |
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| 17 | 17 | | aggregate caps for credits related to historic structures other than historic homes; to provide5 |
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| 18 | 18 | | for a five-year carry-forward period for credits for historic structures other than historic6 |
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| 19 | 19 | | homes; to extend a provision for an automatic repeal; to provide for related matters; to7 |
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| 20 | 20 | | provide for an effective date and applicability; to repeal conflicting laws; and for other8 |
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| 21 | 21 | | purposes.9 |
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| 22 | 22 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:10 |
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| 23 | 23 | | SECTION 1.11 |
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| 24 | 24 | | Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the12 |
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| 25 | 25 | | imposition, rate, computation, exemptions, and credits relative to income taxes, is amended13 |
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| 26 | 26 | | by revising Code Section 48-7-29.8, relating to tax credits for the rehabilitation of historic14 |
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| 27 | 27 | | structures and conditions, and limitations, as follows:15 |
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| 28 | 28 | | H. B. 1134 |
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| 29 | 29 | | - 1 - 24 LC 50 0683 |
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| 30 | 30 | | "48-7-29.8. |
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| 31 | 31 | | 16 |
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| 32 | 32 | | (a) As used in this Code section, the term:17 |
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| 33 | 33 | | (1) 'Certified rehabilitation' means repairs or alterations to a certified structure which are18 |
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| 34 | 34 | | certified by the Department of Community Affairs as meeting the United States Secretary19 |
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| 35 | 35 | | of the Interior's Standards for Rehabilitation or the Georgia Standards for Rehabilitation20 |
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| 36 | 36 | | as provided by the Department of Community Affairs.21 |
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| 37 | 37 | | (2) 'Certified structure' means a historic building or structure that is located within a22 |
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| 38 | 38 | | national historic district, individually listed on the National Register of Historic Places,23 |
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| 39 | 39 | | individually listed in the Georgia Register of Historic Places, or is certified by the24 |
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| 40 | 40 | | Department of Community Affairs as contributing to the historic significance of a25 |
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| 41 | 41 | | Georgia Register Historic District; provided, however, that on and after January 1, 2026, |
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| 42 | 42 | | 26 |
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| 43 | 43 | | such term, as it relates to historic homes, means a historic building or structure that is27 |
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| 44 | 44 | | certified by the Department of Community Affairs as contributing to the historic28 |
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| 45 | 45 | | significance of a listed National Register Historic District, individually listed on the29 |
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| 46 | 46 | | National Register of Historic Places, is certified by the Department of Community Affairs30 |
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| 47 | 47 | | as contributing to the historic significance of a listed Georgia Register Historic District,31 |
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| 48 | 48 | | individually listed in the Georgia Register of Historic Places, or designated as a historic32 |
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| 49 | 49 | | property or contributing to a district under local law and certified by the Department of33 |
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| 50 | 50 | | Community Affairs as meeting National Register criteria.34 |
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| 51 | 51 | | (3) 'Historic home' means a certified structure which, or any portion of which is or will,35 |
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| 52 | 52 | | within a reasonable period, be owned and used as the principal residence of the person36 |
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| 53 | 53 | | claiming the tax credit allowed under this Code section. Historic home Such term shall37 |
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| 54 | 54 | | include any structure or group of structures that constitute a multifamily or multipurpose38 |
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| 55 | 55 | | structure, including a cooperative or condominium. If only a portion of a building is used39 |
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| 56 | 56 | | as such person's principal residence, only those qualified rehabilitation expenditures that40 |
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| 57 | 57 | | are properly allocable to such portion shall be deemed to be made to a historic home.41 |
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| 58 | 58 | | H. B. 1134 |
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| 59 | 59 | | - 2 - 24 LC 50 0683 |
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| 60 | 60 | | (4) 'Qualified rehabilitation expenditure' means any qualified rehabilitation expenditure |
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| 61 | 61 | | 42 |
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| 62 | 62 | | as defined by Section 47(c)(2) of the Internal Revenue Code of 1986 and any amount43 |
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| 63 | 63 | | properly chargeable to a capital account expended in the substantial rehabilitation of a44 |
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| 64 | 64 | | structure that by the end of the taxable year in which the certified rehabilitation is45 |
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| 65 | 65 | | completed is a certified structure. This |
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| 66 | 66 | | Such term does shall not include the cost of46 |
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| 67 | 67 | | acquisition of the certified structure, the cost attributable to enlargement or additions to47 |
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| 68 | 68 | | an existing building, site preparation, or personal property.48 |
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| 69 | 69 | | (5) 'Substantial rehabilitation' means rehabilitation of a certified structure for which the49 |
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| 70 | 70 | | qualified rehabilitation expenditures, at least 5 percent of which must shall be allocable50 |
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| 71 | 71 | | to the exterior during the 24 month period selected by the taxpayer ending with or within51 |
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| 72 | 72 | | the taxable year, exceed:52 |
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| 73 | 73 | | (A) For a historic home, the lesser of $25,000.00 or 50 percent of the adjusted basis of53 |
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| 74 | 74 | | the property as defined provided for in subparagraph (a)(1)(B) of Code Section54 |
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| 75 | 75 | | 48-5-7.2; or, in the case of a historic home located in a target area, $5,000.00; or55 |
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| 76 | 76 | | (B) For any other certified structure, the greater of $5,000.00 or the adjusted basis of56 |
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| 77 | 77 | | the property.57 |
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| 78 | 78 | | (6) 'Target area' means a qualified census tract under Section 42 of the Internal Revenue58 |
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| 79 | 79 | | Code of 1986, found in the United States Department of Housing and Urban59 |
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| 80 | 80 | | Development document number N-94-3821; FR-3796-N-01.60 |
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| 81 | 81 | | (b) A taxpayer shall be allowed a tax credit against the tax imposed by this chapter in the61 |
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| 82 | 82 | | year that the certified rehabilitation is placed in service, which may be up to two years after62 |
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| 83 | 83 | | the end of the taxable year for which the credit was originally reserved:63 |
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| 84 | 84 | | (1) In the case of a historic home, equal to 25 percent of qualified rehabilitation64 |
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| 85 | 85 | | expenditures, except that, in the case of a historic home located within a target area, an65 |
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| 86 | 86 | | additional credit equal to 5 percent of qualified rehabilitation expenditures shall be66 |
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| 87 | 87 | | allowed; and67 |
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| 88 | 88 | | H. B. 1134 |
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| 89 | 89 | | - 3 - 24 LC 50 0683 |
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| 90 | 90 | | (2) In the case of any other certified structure, equal to 25 percent of qualified |
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| 91 | 91 | | 68 |
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| 92 | 92 | | rehabilitation expenditures.69 |
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| 93 | 93 | | Qualified rehabilitation expenditures may |
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| 94 | 94 | | shall only be counted once in determining the70 |
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| 95 | 95 | | amount of the tax credit available, and more than one entity may shall not claim a credit71 |
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| 96 | 96 | | for the same qualified rehabilitation expenditures.72 |
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| 97 | 97 | | (c)(1) In no event shall credits for a historic home exceed $100,000.00 in any 120 month73 |
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| 98 | 98 | | period.74 |
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| 99 | 99 | | (2) The maximum credit for any other individual certified structure shall be $5 $7.575 |
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| 100 | 100 | | million for any taxable year, except in the case that the project creates 200 or more76 |
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| 101 | 101 | | full-time, permanent jobs or $5 million in annual payroll within two years of the placed77 |
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| 102 | 102 | | in service date, in which case the project is shall be eligible for credits up to $10 $1578 |
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| 103 | 103 | | million for an individual certified structure. In no event shall more than one application79 |
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| 104 | 104 | | for any individual certified structure under this paragraph be approved in any 120 month80 |
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| 105 | 105 | | period.81 |
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| 106 | 106 | | (3)(A) Prior to January 1, 2022, in no event shall credits issued under this Code section82 |
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| 107 | 107 | | for projects earning more than $300,000.00 in credits exceed in the aggregate $2583 |
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| 108 | 108 | | million per calendar year.84 |
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| 109 | 109 | | (B) For calendar year 2022, in no event shall credits issued under this Code section85 |
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| 110 | 110 | | exceed $5 million in aggregate for all projects earning $300,000.00 or less, or $2586 |
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| 111 | 111 | | million in aggregate for all projects earning more than $300,000.00.87 |
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| 112 | 112 | | (C) For calendar years 2023 and 2024, in In no event shall credits issued under this88 |
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| 113 | 113 | | Code section for historic homes exceed $5 million in aggregate per year. On and after89 |
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| 114 | 114 | | January 1, 2025, no credits shall be issued under this Code section for historic homes.90 |
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| 115 | 115 | | (D)(B) For calendar years 2023 through 2027, in In no event shall credits issued under91 |
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| 116 | 116 | | this Code section for certified structures other than historic homes exceed $30 $6092 |
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| 117 | 117 | | million in aggregate per year.93 |
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| 118 | 118 | | H. B. 1134 |
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| 119 | 119 | | - 4 - 24 LC 50 0683 |
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| 120 | 120 | | (E)(C) On and after January 1, 2028 2029, in no event shall credits be issued under this94 |
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| 121 | 121 | | Code section.95 |
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| 122 | 122 | | (d)(1) A taxpayer seeking to claim a tax credit under paragraph (2) of subsection (b) of96 |
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| 123 | 123 | | this Code section shall submit an application to the commissioner for preapproval of such97 |
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| 124 | 124 | | tax credit. Such application shall include a precertification from the Department of98 |
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| 125 | 125 | | Community Affairs certifying that the improvements to the certified structure are to be99 |
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| 126 | 126 | | consistent with the Department of Community Affairs Standards for Rehabilitation. The100 |
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| 127 | 127 | | Department department shall have the authority to require electronic submission of such101 |
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| 128 | 128 | | application in the manner specified by the department. The commissioner shall102 |
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| 129 | 129 | | preapprove the tax credits within 30 days based on the order in which properly completed103 |
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| 130 | 130 | | applications were submitted. In the event that two or more applications were submitted104 |
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| 131 | 131 | | on the same day and the amount of funds available will not be sufficient to fully fund the105 |
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| 132 | 132 | | tax credits requested, the commissioner shall prorate the available funds between or106 |
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| 133 | 133 | | among the applicants. Applications submitted after the annual limitations provided for107 |
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| 134 | 134 | | in paragraph (3) of subsection (c) of this Code section have been met shall be given108 |
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| 135 | 135 | | priority the following year.109 |
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| 136 | 136 | | (2) In order to be eligible to receive the credit authorized under subsection (b) of this110 |
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| 137 | 137 | | Code section, a taxpayer must shall attach to the taxpayer's state tax return a copy of the111 |
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| 138 | 138 | | completed certification of the Department of Community Affairs verifying that the112 |
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| 139 | 139 | | improvements to the certified structure are consistent with the Department of Community113 |
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| 140 | 140 | | Affairs Standards for Rehabilitation.114 |
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| 141 | 141 | | (e)(1) If the credit allowed under paragraph (1) of subsection (b) of this Code section in115 |
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| 142 | 142 | | any taxable year exceeds the total tax otherwise payable by the taxpayer for that taxable116 |
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| 143 | 143 | | year, the taxpayer may apply the excess as a credit for succeeding years until the earlier117 |
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| 144 | 144 | | of:118 |
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| 145 | 145 | | (A) The full amount of the excess is used; or119 |
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| 146 | 146 | | H. B. 1134 |
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| 147 | 147 | | - 5 - 24 LC 50 0683 |
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| 148 | 148 | | (B) The expiration of the tenth taxable year after the taxable year in which the certified |
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| 149 | 149 | | 120 |
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| 150 | 150 | | rehabilitation has been completed.121 |
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| 151 | 151 | | (2) If the credit allowed under paragraph (2) of subsection (b) of this Code section in any |
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| 152 | 152 | | 122 |
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| 153 | 153 | | taxable year exceeds the total tax otherwise payable by the taxpayer for that taxable year,123 |
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| 154 | 154 | | the taxpayer may apply the excess as a credit for succeeding years until the earlier of:124 |
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| 155 | 155 | | (A) The full amount of the excess is used; or125 |
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| 156 | 156 | | (B) The expiration of the fifth taxable year after the taxable year in which the certified126 |
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| 157 | 157 | | rehabilitation has been completed.127 |
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| 158 | 158 | | (2)(3) Any tax credits with respect to credits earned by a taxpayer under paragraph (2)128 |
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| 159 | 159 | | of subsection (b) of this Code section and previously claimed but not used by such129 |
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| 160 | 160 | | taxpayer against its income tax may be transferred or sold in whole or in part by such130 |
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| 161 | 161 | | taxpayer to another Georgia taxpayer, subject to the following conditions:131 |
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| 162 | 162 | | (A) A taxpayer who that makes qualified rehabilitation expenditures may sell or assign132 |
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| 163 | 163 | | all or part of the tax credit that may be claimed for such costs and expenses to one or133 |
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| 164 | 164 | | more entities, but no further sale or assignment of any credit previously sold or assigned134 |
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| 165 | 165 | | pursuant to this subparagraph shall be allowed. All such transfers shall be subject to135 |
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| 166 | 166 | | the maximum total limits provided by subsection (c) of this Code section;136 |
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| 167 | 167 | | (B) A taxpayer who that sells or assigns a credit under this Code section and the entity137 |
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| 168 | 168 | | to which the credit is sold or assigned shall jointly submit written notice of the sale or138 |
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| 169 | 169 | | assignment to the department not later than 30 days after the date of the sale or139 |
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| 170 | 170 | | assignment. The Such notice must shall include:140 |
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| 171 | 171 | | (i) The date of the sale or assignment;141 |
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| 172 | 172 | | (ii) The amount of the credit sold or assigned;142 |
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| 173 | 173 | | (iii) The names and federal tax identification numbers of the entity that sold or143 |
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| 174 | 174 | | assigned the credit or part of the credit and the entity to which the credit or part of the144 |
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| 175 | 175 | | credit was sold or assigned; and145 |
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| 176 | 176 | | H. B. 1134 |
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| 177 | 177 | | - 6 - 24 LC 50 0683 |
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| 178 | 178 | | (iv) The amount of the credit owned by the selling or assigning entity before the sale |
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| 179 | 179 | | 146 |
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| 180 | 180 | | or assignment and the amount the selling or assigning entity retained, if any, after the147 |
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| 181 | 181 | | sale or assignment;148 |
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| 182 | 182 | | (C) The sale or assignment of a credit in accordance with this Code section does |
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| 183 | 183 | | shall149 |
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| 184 | 184 | | not extend the period for which a credit may be carried forward and does shall not150 |
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| 185 | 185 | | increase the total amount of the credit that may be claimed. After an entity claims a151 |
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| 186 | 186 | | credit for eligible costs and expenses, another entity may shall not use the same costs152 |
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| 187 | 187 | | and expenses as the basis for claiming a credit;153 |
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| 188 | 188 | | (D) Notwithstanding the requirements of this subsection, a credit earned or purchased154 |
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| 189 | 189 | | by, or assigned to a partnership, limited liability company, Subchapter 'S' corporation,155 |
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| 190 | 190 | | or other pass-through entity may be allocated to the partners, members, or shareholders156 |
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| 191 | 191 | | of that entity and claimed under this Code section in accordance with the provisions of157 |
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| 192 | 192 | | any agreement among the partners, members, or shareholders of that entity and without158 |
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| 193 | 193 | | regard to the ownership interest of the partners, members, or shareholders in the159 |
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| 194 | 194 | | rehabilitated certified structure, provided that the entity or person that claims the credit160 |
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| 195 | 195 | | must shall be subject to Georgia tax; and161 |
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| 196 | 196 | | (E) Only a taxpayer who earned a credit, and no subsequent good faith transferee, shall162 |
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| 197 | 197 | | be responsible in the event of a recapture, reduction, disallowance, or other failure163 |
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| 198 | 198 | | related to such credit.164 |
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| 199 | 199 | | (3)(4) No such credit shall be allowed the taxpayer against prior years' tax liability.165 |
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| 200 | 200 | | (f) In the case of any rehabilitation which may reasonably be expected to be completed in166 |
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| 201 | 201 | | phases set forth in architectural plans and specifications completed before the rehabilitation167 |
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| 202 | 202 | | begins, a 60 month period may be substituted for the 24 month period provided for in168 |
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| 203 | 203 | | paragraph (5) of subsection (a) of this Code section.169 |
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| 204 | 204 | | (g)(1) Except as otherwise provided in subsection (h) of this Code section, in the event170 |
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| 205 | 205 | | a tax credit under this Code section has been claimed and allowed the taxpayer, upon the171 |
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| 206 | 206 | | sale or transfer of the certified structure, the taxpayer shall be authorized to transfer the172 |
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| 207 | 207 | | H. B. 1134 |
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| 208 | 208 | | - 7 - 24 LC 50 0683 |
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| 209 | 209 | | remaining unused amount of such credit to the purchaser of such certified structure. If |
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| 210 | 210 | | 173 |
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| 211 | 211 | | a historic home for which a certified rehabilitation has been completed by a nonprofit174 |
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| 212 | 212 | | corporation is sold or transferred, the full amount of the credit to which the nonprofit175 |
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| 213 | 213 | | corporation would be entitled if taxable shall be transferred to the purchaser or transferee176 |
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| 214 | 214 | | at the time of sale or transfer.177 |
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| 215 | 215 | | (2) Such purchaser shall be subject to the limitations of subsection (e) of this Code178 |
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| 216 | 216 | | section. Such purchaser shall file with such purchaser's tax return a copy of the approval179 |
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| 217 | 217 | | of the rehabilitation by the Department of Community Affairs as provided in subsection180 |
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| 218 | 218 | | (d) of this Code section and a copy of the form evidencing the transfer of the tax credit.181 |
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| 219 | 219 | | (3) Such purchaser shall be entitled to rely in good faith on the information contained in182 |
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| 220 | 220 | | and used in connection with obtaining the approval of the credit including, without183 |
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| 221 | 221 | | limitation, the amount of qualified rehabilitation expenditures.184 |
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| 222 | 222 | | (h)(1) If an owner other than a nonprofit corporation sells a historic home within three185 |
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| 223 | 223 | | years of receiving the credit, the seller shall recapture the credit to the Department of186 |
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| 224 | 224 | | Revenue as follows:187 |
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| 225 | 225 | | (A) If the property is sold within one year of receiving the credit, the recapture amount188 |
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| 226 | 226 | | will |
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| 227 | 227 | | shall equal the lesser of the credit or the net profit of the sale;189 |
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| 228 | 228 | | (B) If the property is sold within two years of receiving the credit, the recapture190 |
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| 229 | 229 | | amount will shall equal the lesser of two-thirds of the credit or the net profit of the sale;191 |
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| 230 | 230 | | or192 |
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| 231 | 231 | | (C) If the property is sold within three years of receiving the credit, the recapture193 |
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| 232 | 232 | | amount will shall equal the lesser of one-third of the credit or the net profit of the sale.194 |
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| 233 | 233 | | (2) The recapture provisions of this subsection shall not apply to a sale resulting from the195 |
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| 234 | 234 | | death of the owner.196 |
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| 235 | 235 | | (i)(1) In the event that a taxpayer claims the tax credit under paragraph (2) of subsection197 |
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| 236 | 236 | | (b) of this Code section and leases such certified structure, the department shall aggregate198 |
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| 237 | 237 | | all total sales tax receipts from the certified structure.199 |
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| 238 | 238 | | H. B. 1134 |
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| 239 | 239 | | - 8 - 24 LC 50 0683 |
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| 240 | 240 | | (2) Any taxpayer claiming credits under paragraph (2) of subsection (b) of this Code |
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| 241 | 241 | | 200 |
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| 242 | 242 | | section shall report to the department the average full-time employees employed at the201 |
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| 243 | 243 | | certified structure. A full-time employee for the purposes of this Code section shall mean202 |
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| 244 | 244 | | a person who works a job that requires 30 or more hours per week. Such reports must |
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| 245 | 245 | | 203 |
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| 246 | 246 | | shall be submitted to the department for five calendar years following the year in which204 |
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| 247 | 247 | | the credit is claimed by the taxpayer.205 |
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| 248 | 248 | | (3) In the event that a taxpayer claims the tax credit under paragraph (2) of subsection206 |
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| 249 | 249 | | (b) of this Code section and leases such certified structure, the department shall aggregate207 |
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| 250 | 250 | | all total full-time employees at the certified structure.208 |
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| 251 | 251 | | (j) Notwithstanding Code Sections 48-2-15, 48-7-60, and 48-7-61, the department shall209 |
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| 252 | 252 | | furnish a report to the chairperson of the House Committee on Ways and Means and the210 |
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| 253 | 253 | | chairperson of the Senate Finance Committee by June 30 of each year. Such report shall211 |
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| 254 | 254 | | contain the total sales tax collected in the prior calendar year and the average number of212 |
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| 255 | 255 | | full-time employees at the certified structure and the total value of credits claimed for each213 |
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| 256 | 256 | | taxpayer claiming credits under paragraph (2) of subsection (b) of this Code section.214 |
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| 257 | 257 | | (k) The tax credit allowed under paragraph (1) of subsection (b) of this Code section, and215 |
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| 258 | 258 | | any recaptured tax credit, shall be allocated among some or all of the partners, members,216 |
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| 259 | 259 | | or shareholders of the entity owning the project in any manner agreed to by such persons,217 |
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| 260 | 260 | | whether or not such persons are allocated or allowed any portion of any other tax credit218 |
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| 261 | 261 | | with respect to the project.219 |
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| 262 | 262 | | (l) The Department of Community Affairs and the Department of Revenue shall prescribe220 |
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| 263 | 263 | | such regulations as may be appropriate to carry out the purposes of this Code section.221 |
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| 264 | 264 | | (m) The Department of Community Affairs shall report, on an annual basis, on the overall222 |
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| 265 | 265 | | economic activity, usage, and impact to the state from the rehabilitation of eligible223 |
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| 266 | 266 | | properties for which credits provided by this Code section have been allowed.224 |
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| 267 | 267 | | (n) This Code section shall stand repealed and reserved by operation of law on December225 |
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| 268 | 268 | | 31, 2027 2028."226 |
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| 269 | 269 | | H. B. 1134 |
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| 270 | 270 | | - 9 - 24 LC 50 0683 |
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| 271 | 271 | | SECTION 3. |
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| 272 | 272 | | 227 |
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| 273 | 273 | | This Act shall become effective on January 1, 2025, and shall be applicable to taxable years228 |
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| 274 | 274 | | beginning on or after such date.229 |
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| 275 | 275 | | SECTION 4.230 |
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| 276 | 276 | | All laws and parts of laws in conflict with this Act are repealed.231 |
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| 277 | 277 | | H. B. 1134 |
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| 278 | 278 | | - 10 - |
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