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Georgia Seeks to Boost Historic Preservation with Expanded Tax Credit Program

Discover the legislative momentum behind HB1116 as advocates push for the extension and expansion of Georgia's historic rehabilitation tax credit program, emphasizing its crucial role in preservation and economic development.

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Muhammad Jawad
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Georgia Seeks to Boost Historic Preservation with Expanded Tax Credit Program

Georgia Seeks to Boost Historic Preservation with Expanded Tax Credit Program

As the Georgia General Assembly eyes the extension and expansion of the state's historic rehabilitation tax credit program, advocates stress the urgency and benefits of legislative action. HB1116, the proposed bill, aims to extend the program through 2035 and double its funding cap, a move heralded by preservationists statewide.

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Legislative Momentum for Preservation

With the program's current sunset looming at the end of 2024, HB1116 not only seeks to extend its life but also to expand its financial cap from $30 million to $60 million. This legislative effort, spearheaded by the Georgia Trust for Historic Preservation among others, highlights the program's critical role in revitalizing historic properties across Georgia. Savannah, as a prime beneficiary, showcases the program's potential through numerous successfully funded projects, emphasizing the tax credit's importance in preserving Georgia's heritage.

Broader Eligibility and Implications

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HB1116 proposes a significant update by allowing properties in locally recognized historic districts to qualify for tax credits, broadening the preservation effort's reach. This inclusion aims to enhance the competitiveness of Georgia's historic preservation efforts, fostering economic development and community revitalization through strategic investment in historic districts and landmarks. The bill's passage through the House Ways and Means Committee marks a pivotal step toward its enactment, underlining the widespread support for sustaining and expanding the program's impact.

Community and Economic Benefits

The proposed expansion of the tax credit program underscores its dual role as an economic driver and a preservation tool. By incentivizing the rehabilitation of historic properties, the program not only safeguards cultural heritage but also stimulates local economies through construction projects and increased property values. Advocates like Ben Sutton and Sue Adler highlight the program's essential contribution to community revitalization, illustrating its potential to transform underutilized historic sites into vibrant, functional spaces that benefit all Georgians. The deliberation over HB1116 by the Georgia General Assembly represents a critical juncture for historic preservation in the state.

As the deadline approaches, the potential for this legislation to significantly enhance Georgia's preservation efforts and community development remains high, emphasizing the importance of strategic investment in the state's cultural heritage.

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