House Bill 851 by Rep. Dale Rutledge, would repeal the state income tax credit on low-income housing on December 31, 2023. Currently, a state income tax credit is allowed for each qualified Georgia project placed into service after January 1, 2001. A qualified Georgia project is a housing project that reserves at least 40 percent of its units as “affordable” (below 30 percent of median income) to persons or families with incomes of 60 percent or less of the median income, or at least 20 percent of its units as “affordable” to persons or families with incomes of 50 percent or less of the median income. The total amount of LIHTC tax credit claimed cannot exceed the taxpayer’s income tax liability, but may be carried forward for the next three succeeding years. Currently, there is no current sunset date for this tax credit. The Council is evaluating this legislation and will formulate a position in consultation with our Government Affairs Task Force.
More from the Council for Quality Growth:
September 26, 2023
Advisory Roundtable Recap: Suwanee’s Mayor Jimmy Burnette
Gwinnett Advisory Roundtable Recap September 26th, 2023 Speaker: Jimmy Burnette, Mayor, City of Suwanee On Tuesday, September 26th, 2023, The Council welcomed Mayor Jimmy Burnette…
September 25, 2023
Advisory Roundtable Recap: South Fulton’s Sharon Subadan
South Metro Advisory Roundtable Recap September 19th, 2023 Speaker: Sharon Subadan, Interim City Manager, City of South Fulton On Tuesday, September 19th, 2023, The Council…
September 25, 2023
Advisory Roundtable Recap: Henry County’s Carlotta Harrell
Henry County Advisory Roundtable Recap September 20th, 2023 Speaker: Chairwoman Carlotta Harrell, Henry County Board of Commissioners On Wednesday, September 20th, 2023, The Council welcomed…
September 22, 2023
City of Powder Springs Adopts new Green Space Standards & Reduces Townhouse Lot Size Requirements
During the August 21, 2023 City of Powder Springs regular…
September 22, 2023
U.S. Soccer Federation Moving HQ to Atlanta
The U.S. Soccer Federation is moving from Chicago to Atlanta, where it will build a new headquarters and its first National Training Center, which will…
September 22, 2023
Gwinnett County Unanimously Approves 2024 Transit Expansion Plan
On Tuesday, September 19, 2023 the Gwinnett County Board of…