Georgia House Bill HB1134

Georgia 2023-2024 Regular Session

• Introduced: 2/1/24

Caption

Income tax credit; rehabilitation of historic structures; extend sunset date

Impact

In addition to extending the provision for tax credits, HB1134 increases the aggregate caps on tax credits for structures other than historic homes. This could lead to a significant uptick in rehabilitation projects statewide and contribute positively to local economies by creating jobs and stimulating commercial activity in towns with historic architecture. Furthermore, the bill introduces a five-year carry-forward period for tax credits, which allows taxpayers more flexibility in utilizing these credits over time, thereby potentially increasing participation in the program.

Summary

House Bill 1134 aims to enhance the existing framework for tax credits related to the rehabilitation of historic structures in Georgia. This bill extends the sunset date for the current tax credit program while also broadening the criteria whereby historic homes can qualify. It allows for an inclusive approach that encourages property owners to invest in the restoration of historic sites, thus fostering cultural heritage conservation in the state.

Contention

While the bill aims to promote economic development and historic preservation, there may be points of contention regarding its financial implications. Critics may argue that extending tax credits could strain state finances if not managed carefully, particularly if rehabilitation projects do not yield the anticipated economic return. Additionally, some stakeholders might express concerns over the qualifications and compliance standards, which may affect the accessibility of tax credits for potential applicants, especially smaller property owners who might not have the resources to navigate the certification process.