The Georgia General Assembly recently introduced the Georgia Prosperity Through Preservation Act (HB 308), which relates to modifying the state’s Historic Rehabilitation Tax Credit program. Specifically, HB 308 would amend Code Section 48-7-29.8 of the Official Code of Georgia Annotated to increase the credit cap to $5 million for each 120 day period; broaden the application of the tax credit to include insurance premium taxes; clarifies certain procedures, conditions, and limitations to allow for smoother operation of the program; and repeals certain conflicting aspects of the code. The measure is sponsored by Representatives Allen Peake (District 141), Barbara Sims (District 123), Chuck Martin (District 49), Earl Ehrhart (District 36), Ron Stephens (District 164) and was referred to the House Committee on Ways and Means for consideration and debate.
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