HB 73: Income tax credit; incentives to promote the revitalization of rural Georgia downtowns; provideVoted on Thursday February 16, 2017
John Pezold's thoughts
HB 73 provides an income tax credit to incentivize people to revitalize rural downtowns.
Under the bill, the Department of Community Affairs and the Department of Economic Development will designate which areas qualify, but basic qualifications include being a city with a population of 15,00 or less, be operating under economic distress, and the downtown is an area of blight.
The bill calls for a feasibility study to be conducted to see whether or not businesses can be supported by the area.
--$2,000 per full-time equivalent employee tax credit to business owner, capped at $40k
--developing downtowns in blight gets you a credit too. 25% of the purchase price (up to $125,000 in credit)
--rehab expenditure credits for just fixing up blighted areas - 50% of expenditures capped at $75,000
I voted NO because I do not believe providing special exemptions under the tax law is appropriate.More information on legis.ga.gov
The table below breaks down the total number of votes, and marks the majority vote.
|Did not vote||10||5.6%|