25 LC 50 1163S
The House Committee on Ways and Means offers the following substitute to HB 360:
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 income tax imposition, rate, computation, exemptions, and credits, so as to revise2
a tax credit for the rehabilitation of historic structures; to authorize the credit to be claimed3
in certain taxable years for certain preapproved rehabilitations provided that a certificate of4
occupancy is obtained; to provide for a territory applicability; to provide for related matters;5
to repeal conflicting laws; and for other purposes.6
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:7
SECTION 1.8
Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to9
income tax imposition, rate, computation, exemptions, and credits, is amended in Code10
Section 48-7-29.8, relating to tax credits for the rehabilitation of historic structures, by11
adding a new subsection to read as follows:12
"(b.1)(1) Notwithstanding the provisions of subsections (b) and (c) of this Code section,13
any taxpayer that was preapproved by the commissioner to claim tax credits pursuant to14
this Code section for certified structures other than historic homes for tax year 2027,15
2028, or 2029 shall be authorized to claim the tax credits allowed pursuant to this Code16
H. B. 360 (SUB)
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section for a certified rehabilitation in the authorized tax year or in tax year 2026,17
provided that such taxpayer obtains a certificate of occupancy for such certified structure18
on or before December 31, 2026.19
(2) This subsection shall only apply to properties located within a ten-mile radius of the20
Cabbagetown Historic District created by a local constitutional amendment for purposes21
of exempting certain capital improvements of the Cabbagetown Historic District22
economic reuse establishment and certain additions thereto from all City of Atlanta and23
Fulton County ad valorem property taxes, set out at Ga. L. 1982, p. 2509."24
SECTION 2.25
All laws and parts of laws in conflict with this Act are repealed.26
H. B. 360 (SUB)
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