HB 851 - Income tax credit; historic structures rehabilitation; change calculation method

Current Version

PDF Version

Committees

HC:W&M
SC:FIN

Current Status

05/14/08 - House Date Signed by Governor

First Reader Summary

A BILL to be entitled an Act to amend Code Section 48-7-29.8 of the Official Code of Georgia Annotated, relating to income tax credits for the certified rehabilitation of historic structures, so as to change the method of calculation of the tax credit; to remove the cap on the amount of credits; to authorize the transfer or assignment of tax credits under certain circumstances; to provide that proceeds received by the taxpayer for the assignment or sale of tax credits shall be exempt from taxation as income; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.

Votes

Electronically Recorded Votes
Date	Time	Vote No	Yeas	Nays	NV	Exc	Description
02/29/2008	10:48AM	House Vote #678	152	001	012	015	PASS
03/31/2008	1:40PM	Senate Vote #822	049	002	002	003	PASSAGE BY SUBSTITUTE
04/02/2008	7:11PM	House Vote #1014	152	002	016	010	Agree Sen Sub

Status History

Bill History
Date	Action
04/17/2007	House First Readers
04/19/2007	House Second Readers
02/27/2008	House Committee Favorably Reported
02/29/2008	House Third Readers
02/29/2008	House Passed/Adopted
03/04/2008	Senate Read and Referred
03/27/2008	Senate Committee Favorably Reported
03/28/2008	Senate Read Second Time
03/31/2008	Senate Third Read
03/31/2008	Senate Passed/Adopted
04/02/2008	House Agree Senate Amend or Sub
04/11/2008	House Sent to Governor
05/14/2008	House Date Signed by Governor
05/14/2008	Act 797
01/01/2009	Effective Date

Footnotes

3/31/2008 Engrossed upon 3rd reading in Senate

Versions

08 HB 851/AP

House Bill 851 (AS PASSED HOUSE AND SENATE)

By: Representatives Peake of the 137th, Martin of the 47th, Royal of the 171st, Stephens of the 164th, Parrish of the 156th, and others

A BILL TO BE ENTITLED
AN ACT

To amend Code Section 48-7-29.8 of the Official Code of Georgia Annotated, relating to income tax credits for the certified rehabilitation of historic structures, so as to increase the amounts of such tax credits; to provide for procedures, conditions, and limitations; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Code Section 48-7-29.8 of the Official Code of Georgia Annotated, relating to income tax credits for the certified rehabilitation of historic structures, is amended by revising subsection (b) as follows:

"(b) A taxpayer shall be allowed a tax credit against the tax imposed by this chapter for the taxable year in which the certified rehabilitation is completed:

(1) In the case of a historic home, equal to 10 25 percent of qualified rehabilitation expenditures, except that, in the case of a historic home located within a target area, an additional credit equal to 5 percent of qualified rehabilitation expenditures shall be allowed; and

(2) In the case of any other certified structure, equal to 20 25 percent of qualified rehabilitation expenditures."

SECTION 2.

Said Code section is further amended by revising subsection (c) as follows:

"(c)(1) In no event shall credits for a historic home or certified structure exceed $5,000.00 $100,000.00 in any 120 month period.

(2) In no event shall credits for a certified structure exceed $300,000.00 in any 120 month period."

SECTION 3.

This Act shall become effective on January 1, 2009, and shall apply to all taxable years beginning on or after that date.

SECTION 4.

All laws and parts of laws in conflict with this Act are repealed.