Georgia State and Local Tax (SALT) Alerts

State and Local Tax Insights

Georgia State and Local Tax Alert | Historic Rehabilitation Credit Amendment and New Definition for the Freeport Tax Exemption

  • Georgia tax credits for historic structures, quality jobs and qualified investment property have been amended. Effective June 1, 2019, state law amends the Historic Rehabilitation Credit by allowing taxpayers to use the credit for up to two years after they place a certified structure or historic home into service. In addition, effective for tax years beginning 1/1/20, the bill amends the required number of new quality jobs created in or relocated into Georgia for the Quality Jobs Tax Credit. Also effective for tax years beginning 1/1/20, the bill creates guidelines for qualifying manufacturing that locates in rural counties to obtain the state’s Manufacturing Investment Tax Credit.
  • Freeport tax exemption gains a new definition. Effective July 1, 2019, Georgia state law adds a new definition for the Level 1 Freeport Property Tax Exemption. The bill defines “affiliates” to mean those entities that are part of an affiliated group of the taxpayer and all other entities that are directly or indirectly owned by members of the affiliated group.

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