Georgia Meeting Will Discuss Proposed Rule to Bring HTC Regulations into Conformity with State Law
The Georgia Department of Revenue will hold a meeting Nov. 3 at 10 a.m. ET to discuss a proposed rule that would establish the process for preapproval of claims for the state historic tax credit (HTC) for historic homes and certified structures earning less than $300,000. Proposed Rule 560-7-8-.56 would bring the state HTC regulations into conformity with state law. The rule would retain the statewide annual cap at $5 million for HTCs for historic homes and any certified structure earning $300,000 or less. The rule would also specify the process for preapproval to claim the HTC for those structures and establish the process for issuing HTCs to properties that submit claims for the HTC on the day the cap is reached. Comments on the rule will be accepted until the meeting starts.
How state HTCs interact with the federal HTC will be among the topics discussed at the Novogradac 2021 Historic Tax Credit Conference, Oct. 7-8 in Chicago.