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Georgia Legislation Would Extend State HTC, Increase Cap

Wednesday, February 7, 2024 - 10:46AM

Legislation introduced in the Georgia House of Representatives would increase the cap and extend the deadline for the state historic tax credit (HTC), while expanding eligibility for the state’s residential HTC. H.B. 1134 would extend the sunset date of the HTC by one year to the end of 2028 and double the annual nonresidential HTC cap to $60 million. The bill would also increase the annual nonresidential project cap from $5 million to $7.5 million, going to $15 million if the project creates 200 or more permanent jobs or $5 million in annual payroll within two years of the placed-in-service date. The legislation expands the definition for the residential HTC to match that for other historic structures. Georgia’s HTC is for 25% of qualified rehabilitation expenditures (QREs) with a $5 million cap for historic homes earning $300,000 or more in credits and a $30 million annual cap, excluding historic homes. The current expiration date is Dec. 31, 2027.

The Novogradac Historic Rehabilitation Handbook provides an overview of the HTC and the intricacies of the incentive.

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