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Georgia Trust Successfully Spearheads Effort to Pass New Historic Rehabilitation Tax Credit Legislation

Georgia Trust for Historic Preservation

 

 

The Georgia Trust for Historic Preservation is pleased to announce that Senate Bill 496, which extends and expands the state’s historic rehabilitation tax credit program, passed the Senate on March 21, 2024.

Historic rehabilitation tax credits are directly responsible for the revitalization of many commercial buildings and historic homes in the State of Georgia each year. Going into this legislative session, the residential component of the program was threatened with extinction due to a “sunset” date at the end of the year. Additionally, the commercial component of the program was scheduled to end in 2027. To avert this catastrophe, the Georgia Trust and its preservation partners across the state worked with Representative Debbie Buckner to introduce legislation that extends both the commercial and residential programs through 2029 and expands the residential program to allow owners of locally designated properties that are certified by the Georgia Department of Community Affairs to qualify for the income tax credits.

“The new legislation will allow for even broader revitalization of our state’s important historic infrastructure. It will also create jobs, encourage investment in older neighborhoods, expand workforce housing opportunities and enable more owners of historic homes to rehabilitate their homes in a cost-effective manner,” said Georgia Trust President and CEO W. Wright Mitchell. “This benefits not only historic preservation in the State of Georgia but also the economic development of our great state,” he added.

Partnering with the Trust to get this bill passed were the Atlanta Preservation Center, Historic Augusta, Inc., Historic Columbus Foundation, Historic Macon Foundation, Historic Savannah Foundation, Madison-Morgan Conservancy, Thomasville Landmarks, Georgia Department of Community Affairs, NewTown Macon, Briana Paxton, Cabretta Capital Corporation, Ray, Ellis & LaBrie Consulting and Ward Architecture + Preservation.

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