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laws and parts of laws in conflict with this Act are repealed.