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Historic greenovations get bigger tax credits via HB 851
Governor Perdue signed HB 851 yesterday increasing the incentives for developers and homeowners renovating historic properties in the state of Georgia.
In the case of a historic home, a taxpayer can claim a tax credit of 25 percent of qualified rehabilitation expenditures. Ditto for any other certified structure. Homes within target areas can qualify for an additional 5 percent tax credit.
Credits for historic homes can go as high as $100,000 in 120 months and $300,000 for certified structures. This is a quantum leap for historic home rehab from a previous limit of $5,000.
A big shout-out to my brother, Wayne Sisco, who helped get this passed. Wayne is an expert in historic rehab and leads the Greenovation Operations of Green Nest Realty Services.
Green renovations -- or greenovations -- of existing properties are frequently a deeper shade of green building than new construction.
Got your eye on a historic rehab project? Call the GO Team!
Burke Sisco
This is how The Georgia Trust has weighed in on the significance of HB 851:
The economic impact of the revised preservation tax credits is expected to be significant. The new bill provides to businesses and homeowners a substantial incentive to rehabilitate historic properties, encouraging the revitalization of deteriorating neighborhoods and drastically improving historic communities and downtown areas. Rehabilitation of historic buildings often creates new businesses, increases property and sales tax revenues, and stimulates private investment. Studies in other states have shown that each dollar spent on rehabilitation leverages over five dollars in economic impact.
The Georgia Trust has published a lot of additional information on their website as to why State Tax Credits like HB 851 are good. Here's my favorite bullet point:
State tax credit projects offer a smart strategy for sustainable growth that recycles scarce natural resources and materials, conserves energy, re-uses the existing infrastructure, reduces the need for new, imported raw materials, and reduces construction waste going to landfills.
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Congrats to Wayne for helping to expand greenovations for historic homes.
Who knows, we may need that info someday!
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