NEWS

House Bill 376, legislation updating Georgia’s income tax credit for the rehabilitation of certified historic structures, has passed both the House and Senate and now awaits consideration by Governor Brian Kemp.

The measure introduces several key changes to expand and modernize the program. Most notably, it doubles the annual aggregate cap for credits on qualifying structures—excluding historic homes—from $30 million to $60 million, significantly increasing the program’s overall capacity.

HB 376 also raises the minimum investment threshold for non-residential historic properties, increasing required “qualified rehabilitation expenditures” from $5,000 to $25,000. The bill further revises credit percentages for projects beginning after January 1, 2026, while introducing enhanced incentives to encourage development in less populated counties.

For projects that generate substantial job creation or payroll, the legislation increases the maximum allowable credit to $15 million, providing additional support for high-impact developments.

The bill includes a sunset provision, with no new credits to be issued after January 1, 2030. If signed into law, these updates are expected to strengthen Georgia’s historic preservation efforts while supporting economic development and revitalization across the state.