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Committee approves doubling annual cap for historic rehabilitation tax credit with drafting fixes
Summary
The committee voted to pass HB 376 as amended, increasing the historic rehabilitation tax credit annual cap from $30 million to $60 million with targeted rural incentives and adopting Department of Revenue drafting changes (replace 'issued' with 'approved' and clarify effective dates).
Representative Hilton presented House Bill 376 to raise the annual cap for Georgia's historic rehabilitation tax credit from $30 million to $60 million and to adjust credit percentages: preserve 25% for previously issued credits, increase incentives for qualifying rural structures to 30%, and set a 20% figure for denser areas. The sponsor framed the change as a tool to spur downtown revitalization and rural investment.
Wright Mitchell, president and CEO of the Georgia Trust for Historic Preservation, testified the…
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