State historic tax credit programs

Georgia Income Tax Credit Program for Rehabilitated Historic Properties

Program overview:

The Georgia State Income Tax Credit Program for Rehabilitated Historic Properties provides a state tax credit equal to 25 percent of qualified rehabilitation expenditures (QREs) with project credit caps set at $300,000, $5 million, and $10 million. To receive the $10 million cap, the project must generate 200 or more full-time, permanent jobs or $5 million in annual payroll.

Aggregate cap ($300,000 credit cap): none
Aggregate cap ($5 million and $10 million credit caps): $25 million annually for all projects

2022: $5 million combined for all projects earning $300,000 or less; $25 million for all projects earning more than $300,000.

  • $5 million; $10 million in cases where a project creates 200 or more full-time, permanent jobs or $5 million in annual payroll within two years of the placed-in-service date.
  • $100,000 cap on credits received for rehabilitation of historic homes.
  • Additional 5% credit for residence located in a HUD target area.
  • Apply for the state credit and federal credit separately.

Who can use the credit?

The Georgia State Income Tax Credit can be used by any owner or pass-through entity (with the proper documentation showing ownership or membership of such entity). The credits may be transferred in whole or in part to another Georgia taxpayer or multiple different Georgia taxpayers, but each credit may only be transferred once (the transferee(s) may not then transfer the credits).


Credits earned by a taxpayer but not used by taxpayer against its income tax may be transferred or sold to another Georgia taxpayer. Credits cannot have been previously sold or purchased. Seller and buyer of credits must jointly submit written notice of sale to the Georgia Department of Natural Resources no later than 30 days after the date of sale.


Taxpayers claiming credits must report the average full-time employees employed by the certified structure to the Georgia Department of Natural Resources. These reports must be submitted annually for five years following the year the credits are claimed.

STATE PREFERENTIAL PROPERTY TAX ASSESSMENT FOR REHABILITATED HISTORIC PROPERTY

The assessment program freezes the assessed value of the property during the rehabilitation (not to exceed 24 months) and continues the pre-rehabilitation assessment value for eight years following completion of the project.

Important links:

MHA Charleston
Office
Charleston, SC

4000 Faber Place Drive
Suite 300
Charleston, SC 29405

(843) 203 5406 Contact our office