| 20 | | - | a tax credit for the rehabilitation of historic structures; to authorize a reduced credit to be3 |
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| 21 | | - | claimed in certain taxable years for certain preapproved rehabilitations provided that a4 |
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| 22 | | - | certificate of occupancy is obtained; to provide for a territory applicability; to provide for5 |
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| 23 | | - | related matters; to repeal conflicting laws; and for other purposes.6 |
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| 20 | + | a tax credit for the rehabilitation of historic structures; to authorize the credit to be claimed3 |
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| 21 | + | in certain taxable years for certain preapproved rehabilitations provided that a certificate of4 |
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| 22 | + | occupancy is obtained; to provide for a territory applicability; to provide for related matters;5 |
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| 23 | + | to repeal conflicting laws; and for other purposes.6 |
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| 24 | 24 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:7 |
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| 25 | 25 | | SECTION 1.8 |
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| 26 | 26 | | Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to9 |
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| 27 | 27 | | income tax imposition, rate, computation, exemptions, and credits, is amended in Code10 |
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| 28 | 28 | | Section 48-7-29.8, relating to tax credits for the rehabilitation of historic structures, by11 |
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| 29 | 29 | | adding a new subsection to read as follows:12 |
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| 32 | | - | taxpayer that was preapproved by the commissioner to claim tax credits pursuant to this14 |
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| 33 | | - | Code section for certified structures other than historic homes for tax year 2027 or 202815 |
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| 34 | | - | shall be authorized to claim the tax credits allowed pursuant to this Code section for a16 |
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| 35 | | - | H. B. 360 |
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| 36 | | - | - 1 - 25 HB 360/AP |
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| 37 | | - | certified rehabilitation in the authorized tax year or in tax year 2026, provided that such17 |
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| 38 | | - | taxpayer obtains a certificate of occupancy for such certified structureon or before July18 |
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| 39 | | - | 1, 2026; provided, however, that any taxpayer that claims tax credits pursuant to this19 |
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| 40 | | - | subsection in tax year 2026 shall only be allowed to claim such credits in an amount:20 |
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| 41 | | - | (A) Not to exceed 90 percent of the amount otherwise allowed pursuant to this Code21 |
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| 42 | | - | section if such credit was preapproved for tax year 2027; or22 |
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| 43 | | - | (B) Not to exceed 85 percent of the amount otherwise allowed pursuant to this Code23 |
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| 44 | | - | section if such credit was preapproved for tax year 2028."24 |
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| 32 | + | any taxpayer that was preapproved by the commissioner to claim tax credits pursuant to14 |
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| 33 | + | this Code section for certified structures other than historic homes for tax year 2027,15 |
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| 34 | + | 2028, or 2029 shall be authorized to claim the tax credits allowed pursuant to this Code16 |
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| 35 | + | H. B. 360 (SUB) |
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| 36 | + | - 1 - 25 LC 50 1163S |
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| 37 | + | section for a certified rehabilitation in the authorized tax year or in tax year 2026,17 |
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| 38 | + | provided that such taxpayer obtains a certificate of occupancy for such certified structure18 |
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| 39 | + | on or before December 31, 2026.19 |
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| 40 | + | (2) This subsection shall only apply to properties located within a ten-mile radius of the20 |
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| 41 | + | Cabbagetown Historic District created by a local constitutional amendment for purposes21 |
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| 42 | + | of exempting certain capital improvements of the Cabbagetown Historic District22 |
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| 43 | + | economic reuse establishment and certain additions thereto from all City of Atlanta and23 |
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| 44 | + | Fulton County ad valorem property taxes, set out at Ga. L. 1982, p. 2509."24 |
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