House Bill 142, introduced in the Georgia House Legislature on January 29, 2025, aims to amend existing tax incentive provisions for landmark historic properties. The bill seeks to extend the preferential assessment period for income-producing real estate classified as landmark historic property, allowing for an additional 12 years of tax benefits under certain conditions.

The primary focus of House Bill 142 is to revise Code Section 48-5-7.3, which governs the assessment of historic properties. Under the current law, properties classified as landmark historic can receive preferential tax treatment for a period of nine years. The proposed amendment would enable these properties to qualify for an extended assessment period, contingent upon subsequent rehabilitation and approval from the county's governing authority.

Key debates surrounding the bill center on its potential economic implications. Proponents argue that extending tax incentives for historic properties could stimulate local economies by encouraging investment in rehabilitation projects, thereby preserving cultural heritage while generating revenue. Critics, however, express concerns about the long-term fiscal impact on local governments, which may face reduced tax revenues as a result of extended exemptions.

The bill has sparked discussions among stakeholders, including local government officials, property owners, and preservation advocates. Supporters highlight the importance of maintaining historic sites as vital components of community identity and tourism, while opponents caution against the potential for abuse of the tax incentive system.

As House Bill 142 progresses through the legislative process, its implications for Georgia's historic preservation efforts and local economies remain a focal point of interest. The bill's future will depend on ongoing discussions and potential amendments as it moves toward a vote.