HB1197: Income tax; expand revitalization zone tax credits to include rehabilitation of historic residential structures

Legislative Summary

A BILL to be entitled an Act to amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the imposition, rate, computation, exemptions, and credits relative to income taxes, so as to expand the revitalization zone tax credits to include rehabilitation of historic residential structures; to authorize the extension of a designation as a revitalization zone; to authorize areas to be designated as revitalization zones more than once; to provide that no new designations or extensions shall be made after a certain date; to provide for information sharing; to extend a provision for an automatic repeal; to provide for definitions; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.