{"response":{"docs":[{"id":"dlg_ggpd_1345262936-2023","title":"Georgia state income tax credit for rehabilitated historic properties : 2023 end of year report, July 1, 2022 - June 30, 2023","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Historic Preservation Division, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":null,"dc_date":["2023"],"dcterms_description":["Report continues to be issued by: Georgia. Historic Preservation Division even when the Division is not included in the publication statement.","SFY 2018 (July 1, 2017/June 30, 2018) (Harvested on July 23, 2019 from www.georgiashpo.org); title from PDF caption (Georgia Government Publications database, viewed September 20, 2022).","SFY 2020 (July 1, 2019/June 30, 2020) (Harvested on July 7, 2021 from www.dca.ga.gov); (Georgia Government Publications database, viewed September 20, 2022)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["-2019: [Atlanta, Georgia?] : Georgia Department of Natural Resources, Historic Preservation Division","2020-: [Atlanta, Georgia?] : Georgia Department of Community Affairs"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Historic preservation--Georgia--Periodicals.","Tax credits--Georgia--Periodicals.","Historic buildings--Georgia--Periodicals.","Historic buildings","Historic preservation","Tax credits","Georgia","Georgia Government Documents--Serial"],"dcterms_title":["Georgia state income tax credit for rehabilitated historic properties : 2023 end of year report, July 1, 2022 - June 30, 2023"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_1345262936-2023"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1345262936-2023"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Georgia State Income Tax Credit for Rehabilitated Historic Properties \nSFY 2023 End of Year Report | July 1, 2022 - June 30, 2023 \n \nBackground \n \nBefore \n \n In March 2002, the Georgia General Assembly passed and \n \nthe Governor signed into law, the State Income Tax Credit for \n \nAfter \n \nRehabilitated Historic Property (O.C.G.A. Sec.48-7-29.8). Since \n \nJanuary 2004, owners of historic residential and commercial \n \nproperties who plan to undertake a substantial rehabilitation \n \nhave been eligible to apply for the credit. \n \n The program is administered through the Historic Preservation \n \nDivision (HPD) of the Georgia Department of Community Affairs \n \nin collaboration with the Georgia Department of Revenue. \n \n The program allows 25% of qualified rehabilitation expenditures \n \nto be taken as a state income tax credit for both historic \n \nhomes and income-producing structures. If the property is in \n \na low- income target area, a 30% credit is allowed. The credit is \n \ncapped for individual projects at $100,000 for historic homes, \n \nin a $5 million annual cap category, and $5 million for income- \n \nproducing buildings or $10 million for projects meeting certain \n \nother criteria in a $30 million annual program cap category. \n \n The State Preferential Property Tax Assessment for Rehabilitated \n \nHistoric Property and the Federal Rehabilitation Investment Tax \n \nCredit are companion programs. \n \nCity Mills, a vacant, former grain mill, has been transformed into a vibrant mixed-used development in Columbus. This development has extended the Riverwalk further south and has brought new life to the deteriorated historic site - the site of the oldest manufacturing operation on the Chattahoochee River dating back to 1828. \nBefore \n \nThis 1896 house retains many of its historic character-defining features and is a good example of a Queen Anne house in the Thomas Square Streetcar Historic District in Savannah. A prior renovation effort in 2008, vacancy, and water damage left the house in disrepair. The recently completed rehabilitation has restored the property's historic character and returned it to productive use. \n \nAfter \n \nEligibility \n \n Property must be listed in the Georgia Register of Historic Places or be determined eligible for listing at the time of application and be listed prior to claiming the tax credit. \n Project work must be certified as meeting the Department of Community Affair's Standards for Rehabilitation. \n Project qualified rehabilitation expenditures must meet a substantial rehabilitation test. \n Part A  Preliminary Certification should be submitted to HPD before project work begins. Once the Part A is approved, the applicant has two years (five years for phased projects) to complete the rehabilitation. \n Part B  Final Certification is submitted to HPD when the project is finished. After the Part B is approved, the owner applies the credit to the taxable year the rehabilitation is completed or allocated \n \n Georgia State Income Tax Credit for Rehabilitated Historic Properties \nSFY 2023 End of Year Report | July 1, 2022 - June 30, 2023 \nSFY2023 Economic Impact of Tax Incentives \nGeorgia's preservation tax incentives programs play a significant role in the economic development of communities throughout the state by creating jobs, spurring neighborhood and downtown revitalization, enriching and supporting cultural and heritage tourism, encouraging local investment, and boosting tax revenues. \nStatistics for SFY 2023 reveal continued widespread utilization of tax incentives and the significant private investment they attract. Rehab projects are located in both urban centers and small towns across the state. Projects included houses, downtown commercial buildings, and adaptive use rehabilitation of institutional and industrial facilities with individual project investment ranging from about $59,000 to $28 million. \nAnother tangible measurement of the program's effectiveness is represented by the leveraging effect of the tax credits (ratio of tax credits earned to amount of private investment), especially considering the benefits of the private investment accrue before the tax credits are applied. In SFY 2023, the leverage ratio for completed projects (final certifications) was 1:5. \n \n79 preliminary certification applications for proposed work were submitted representing: \n $260,298,103 in investment  1,702 jobs created*  $94,17,168 in salary and wages generated*  1,770 additional jobs being created elsewhere*  $41,915,565 in potential state tax credits  $7,808,943 in state tax revenue generated from projects**  $7,548,645 in local tax revenues generated from projects*  Tax Credit-to-Rehabiliation Investment Leverage: 1:6.21 \n56 final certification applications for completed projects were submitted, representing: \n $138,868,178 in investment  908 jobs created*  $50,240,007 in salary and wages generated*  944 additional jobs being created elsewhere*  $27,937,655 in potential state tax credits  $4,166,045 in state tax revenue generated from projects**  $4,027,177 in local tax revenues generated from projects** \n \nTop cities for Rehabilitation Projects (preliminary and final certification): 1. Atlanta, 36 projects 2. Savannah, 31 projects 3. Macon, 17 projects \nOther cities and towns with project activity included Albany, Americus, Athens, Augusta, Avondale Estates, Bainbridge, Brooks, Brunswick, Chatsworth, Columbus, Conyers, Cordele, Covington, Darien, Forsyth, Gainesville, Gray, Milledgeville, Richmond Hill, Statesboro, Thomasville, Tifton, Tybee Island, Valdosta, Washington, and Winder. \n \n* Statistics calculated using multipliers provided in HPD's The Economic Benefits of Historic Preservation in Georgia report available on HPD's website at https:// www.dca.ga.gov/georgia-historic-preservation-division. Statistics provided here should not be directly compared to SFY2011-2016 as the economic modelling currently applied uses different data sets. \n \n** Includes revenue from sales taxes, property taxes, wages \u0026 salaries, corporation and other taxes/ revenues generated by project activities during rehabilitation. \n \n "},{"id":"dlg_ggpd_1345262936-2022","title":"Georgia state income tax credit for rehabilitated historic properties : SFY 2022 end of year report - July 1, 2021 thru June 30, 2022","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Historic Preservation Division, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":null,"dc_date":["2022"],"dcterms_description":["Report continues to be issued by: Georgia. Historic Preservation Division even when the Division is not included in the publication statement.","SFY 2018 (July 1, 2017/June 30, 2018) (Harvested on July 23, 2019 from www.georgiashpo.org); title from PDF caption (Georgia Government Publications database, viewed September 20, 2022).","SFY 2020 (July 1, 2019/June 30, 2020) (Harvested on July 7, 2021 from www.dca.ga.gov); (Georgia Government Publications database, viewed September 20, 2022)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["-2019: [Atlanta, Georgia?] : Georgia Department of Natural Resources, Historic Preservation Division","2020-: [Atlanta, Georgia?] : Georgia Department of Community Affairs"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Historic preservation--Georgia--Periodicals.","Tax credits--Georgia--Periodicals.","Historic buildings--Georgia--Periodicals.","Historic buildings","Historic preservation","Tax credits","Georgia","Georgia Government Documents--Serial"],"dcterms_title":["Georgia state income tax credit for rehabilitated historic properties : SFY 2022 end of year report - July 1, 2021 thru June 30, 2022"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_1345262936-2022"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1345262936-2022"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Brian P. Kemp \nGovernor \n \nChristopher Nunn \nCommissioner \n \nGeorgia State Income Tax Credit for Rehabilitated Historic Properties SFY 2022 End of Year Report - July 1, 2021 thru June 30, 2022 \nBackground \n In March 2002, the Georgia General Assembly passed and the Governor signed into law, the State Income Tax Credit for Rehabilitated Historic Property (O.C.G.A. Sec.48-7-29.8). Since January 2004, owners of historic residential and commercial properties who plan to undertake a substantial rehabilitation have been eligible to apply for the credit. \n The program is administered through the Historic Preservation Division (HPD) of the Georgia Department of Community Affairs in collaboration with the Georgia Department of Revenue. \n The program allows 25% of qualified rehabilitation expenditures to be taken as a state income tax credit for both historic homes and income-producing structures. If the property is in a low- income target area, a 30% credit is allowed. The credit is capped for individual projects at $100,000 for historic homes and $300,000 for incomeproducing buildings or $5 million/$10 million for projects meeting certain other criteria in a $25 million annual program cap category. \n The State Preferential Property Tax Assessment for Rehabilitated Historic Property and the Federal Rehabilitation Investment Tax Credit are companion programs. \nEligibility \n Property must be listed in the Georgia Register of Historic Places or be determined eligible for listing at the time of application and be listed prior to claiming the tax credit. \n Project work must be certified as meeting the Department of Community Affair's Standards for Rehabilitation.  Project qualified rehabilitation expenditures must meet a substantial rehabilitation test.  Part A  Preliminary Certification should be submitted to HPD before project work begins. Once the Part A is \napproved, the applicant has two years (five years for phased projects) to complete the rehabilitation.  Part B  Final Certification is submitted to HPD when the project is finished. After the Part B is approved, the \nowner applies the credit to the taxable year the rehabilitation is completed or allocated. \n \nBuilt beginning in 1896, Dixie Cotton Mills in Troup County, utilized state and federal rehabilitation tax incentives to rehabilitate the former mill into 102 one and two bedroom housing. \n \n SFY 2022 Economic Impact of Tax Incentives: \nGeorgia's preservation tax incentives programs play a significant role in the economic development of communities throughout the state by creating jobs, spurring neighborhood and downtown revitalization, enriching and supporting cultural and heritage tourism, encouraging local investment, and boosting tax revenues. \n \nStatistics for SFY 2021 reveal continued widespread utilization of tax incentives and the significant private investment they attract. Rehab projects are located in both urban centers and small towns across the state. Projects included houses, downtown commercial buildings, and adaptive use rehabilitation of institutional and industrial facilities with individual project investment ranging from about $45,000 to $80 million. Communities with project activity were led by Atlanta, with 35 projects (preliminary and final certifications), followed closely by Savannah (31 projects) and Macon (14 projects). Other cities and towns with project activity included Americus, Athens, Augusta, Ball Ground, Barnesville, Brunswick, Canton, Columbus, Dalton, Darien, Decatur, East Point, Ellabell, Gainesville, Hawkinsville, LaGrange, Madison, Rutledge, Sparta, Statesboro, Thomasville, Tifton, Tybee Island, Valdosta, and Waycross. \n \nAnother tangible measurement of the program's effectiveness is represented by the leveraging effect of the tax credits (ratio of tax credits earned to amount of private investment), especially considering the benefits of the private investment accrue before the tax credits are applied. In SFY 2022, the leverage ratio for preliminary certification was 1:11 and completed projects (final certifications) was 1:7. \n \n69 preliminary certification applications for proposed work were submitted representing \n \n16 historic home rehabilitations and 53 income-producing property rehabilitations equaling: \n \n $305,549,252 in investment  1,995 jobs created*  $110,542,219 in salary and wages generated*  2,075 additional jobs being created elsewhere*  $20,256,819 in potential state tax credits  $9,166478 in state tax revenue generated from projects**  $8,860,928 in local tax revenues generated from projects* \n \n* Statistics calculated using multipliers provided in HPD's The Economic Benefits of Historic Preservation in Georgia report available on HPD's website at https://www.dca.ga.gov/georgia-historicpreservation-division. Statistics provided here should not be directly compared to SFY2011-2016 as the economic modelling currently applied uses different data sets. \n \n63 final certification applications for completed projects were submitted, representing \n \n6 historic home rehabilitations and 57 income-producing property rehabilitations equaling: \n $126,186,343 in investment  825 jobs created*  $45,651,947 in salary and wages generated*  858 additional jobs being created elsewhere* \n \n** Includes revenue from sales taxes, property taxes, wages \u0026 salaries, corporation and other taxes/revenues generated by project activities during rehabilitation. \n \n $18,240,997 in potential state tax credits  $3,785,590 in state tax revenue generated from projects**  $3,659,404 in local tax revenues generated from projects** \n \nThis historic home, located in Thomasville, was brought back into a state of utility with work that included repair to the foundation, deteriorated siding, and historic windows while retaining many important architectural features. \nFor questions about this report or to learn more about preservation tax incentives, contact HPD at \ntaxincentives@dca.ga.gov \n \n "},{"id":"dlg_ggpd_1345262936-2021","title":"Georgia state income tax credit for rehabilitated historic properties : SFY 2021 end of year report.","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Historic Preservation Division, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":null,"dc_date":["2021"],"dcterms_description":["Report continues to be issued by: Georgia. Historic Preservation Division even when the Division is not included in the publication statement.","SFY 2018 (July 1, 2017/June 30, 2018) (Harvested on July 23, 2019 from www.georgiashpo.org); title from PDF caption (Georgia Government Publications database, viewed September 20, 2022).","SFY 2020 (July 1, 2019/June 30, 2020) (Harvested on July 7, 2021 from www.dca.ga.gov); (Georgia Government Publications database, viewed September 20, 2022)."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["-2019: [Atlanta, Georgia?] : Georgia Department of Natural Resources, Historic Preservation Division","2020-: [Atlanta, Georgia?] : Georgia Department of Community Affairs"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Historic preservation--Georgia--Periodicals.","Tax credits--Georgia--Periodicals.","Historic buildings--Georgia--Periodicals.","Historic buildings","Historic preservation","Tax credits","Georgia","Georgia Government Documents--Serial"],"dcterms_title":["Georgia state income tax credit for rehabilitated historic properties : SFY 2021 end of year report."],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_1345262936-2021"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_1345262936-2021"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Brian P. Kemp \r\nGovernor \r\n \r\nChristopher Nunn \r\nCommissioner \r\n \r\nGeorgia State Income Tax Credit for Rehabilitated Historic Properties SFY 2021 End of Year Report - July 1, 2020 through June 30, 2021 \r\nBackground \r\n In March 2002, the Georgia General Assembly passed, and the Governor signed into law, the State Income Tax Credit for Rehabilitated Historic Property (O.C.G.A. Sec.48-7-29.8). Since January 2004, owners of historic residential and commercial properties who plan to undertake a substantial rehabilitation have been eligible to apply for the credit. \r\n The program is administered through the Historic Preservation Division (HPD) of the Georgia Department of Community Affairs (DCA) in collaboration with the Georgia Department of Revenue (DOR). \r\n The program allows 25% of qualified rehabilitation expenditures to be taken as a state income tax credit for both historic homes and income-producing structures. If the property is in a low- income target area, a 30% credit is allowed. The credit is capped for individual projects at $100,000 for historic homes and $300,000 for incomeproducing buildings or $5 million/$10 million for projects meeting certain other criteria in a $25 million annual program cap category. \r\n The State Preferential Property Tax Assessment for Rehabilitated Historic Property and the Federal Rehabilitation Investment Tax Credit are companion programs. \r\nEligibility \r\n Property must be listed in the Georgia Register of Historic Places or be determined eligible for listing at the time of application and be listed prior to claiming the tax credit. \r\n Project work must be certified as meeting the Department of Community Affair's Standards for Rehabilitation.  Project qualified rehabilitation expenditures must meet a substantial rehabilitation test.  Part A  Preliminary Certification should be submitted to HPD before project work begins. Once the Part A is \r\napproved, the applicant has two years (five years for phased projects) to complete the rehabilitation.  Part B  Final Certification is submitted to HPD when the project is finished. After the Part B is approved, the \r\nowner applies the credit to the taxable year the rehabilitation is completed or allocated. \r\n \r\nBuilt in 1926, Waynesboro Elementary School in Burke County utilized state and federal rehabilitation tax credits as well as LIHTCs to rehabilitate the former school into senior housing. \r\n \r\n SFY 2021 Economic Impact of Tax Incentives: \r\nGeorgia's preservation tax incentives programs play a significant role in the economic development of communities throughout the state by creating jobs, spurring neighborhood and downtown revitalization, enriching and supporting cultural and heritage tourism, encouraging local investment, and boosting tax revenues. \r\nStatistics for SFY 2021 reveal continued widespread utilization of tax incentives and the significant private investment they attract. Rehab projects are in both urban centers and small towns across the state. Projects included houses, downtown commercial buildings, and adaptive use rehabilitation of institutional and industrial facilities with individual project investment ranging from about $50,000 to $85 million. Communities with project activity were led by Atlanta, with 26 projects (preliminary and final certifications), followed closely by Macon (21 projects) and Savannah (18 projects). Other cities and towns with project activity included Athens, Augusta, Ball Ground, Cartersville, Columbus, Cordele, Darien, Decatur, Doraville, Eatonton, Fort Valley, Kennesaw, Ochlocknee, Rockmart, Sparta, Statesboro, Thomasville, Thomson, Tifton, Tybee Island, Waleska, and Waynesboro. \r\nAnother tangible measurement of the program's effectiveness is represented by the leveraging effect of the tax credits (ratio of tax credits earned to amount of private investment), especially considering the benefits of the private investment accrue before the tax credits are applied. In SFY 2021, the leverage ratio for completed projects (final certifications) was 1:12. \r\n72 preliminary certification applications for proposed work were \r\nsubmitted representing 18 historic home rehabilitations and 54 incomeproducing property rehabilitations equaling: \r\n $179,877,195 in investment  1,177 jobs created*  $65,076,332 in salary and wages generated*  1,224 additional jobs being created elsewhere*  $20,256,819 in potential state tax credits  $5,396,316 in state tax revenue generated from projects**  $5,216,439 in local tax revenues generated from projects** \r\n \r\n46 final certification applications for completed projects were \r\nsubmitted, representing 17 historic home rehabilitations and 29 incomeproducing property rehabilitations equaling: \r\n $165,452,770 in investment  1,082 jobs created*  $59,857,834 in salary and wages generated*  1,126 additional jobs being created elsewhere*  $13,270,187 in potential state tax credits  $4,963,583 in state tax revenue generated from projects**  $4,798,131 in local tax revenues generated from projects** \r\n* Statistics calculated using multipliers provided in HPD's The Economic Benefits of Historic Preservation in Georgia report available on HPD's website at https://www.dca.ga.gov/georgiahistoric-preservation-division. Statistics provided here should not be directly compared to SFY2011-2016 as the economic modelling currently applied uses different data sets. \r\n** Includes revenue from sales taxes, property taxes, wages \u0026 salaries, corporation, and other taxes/revenues generated by project activities during rehabilitation. \r\n \r\nThis house located in the Kirkwood neighborhood of Atlanta was built in 1900. A recent rehabilitation allowed for important structural work to be performed as well as the repair of other architectural features. \r\n \r\nFor questions about this report or to learn more about preservation tax incentives, contact HPD's tax incentives program at taxincentives@dca.ga.gov \r\n \r\n  "},{"id":"dlg_ggpd_y-ga-bn200-ph5-bs1-bt3-b2020-belec-p-btext","title":"Georgia state income tax credit for rehabilitated historic properties : SFY 2020 end of year report","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Historic Preservation Division, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Natural Resources. Historic Preservation Division"],"dc_date":["2020"],"dcterms_description":["End of year report for Georgia state income tax credit for rehabilitated historic properties."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia. Department of Natural Resources. Historic Preservation Division"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Historic preservation--Georgia--Periodicals","Tax credits--Georgia--Periodicals","Historic buildings--Georgia--Periodicals"],"dcterms_title":["Georgia state income tax credit for rehabilitated historic properties : SFY 2020 end of year report"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-bn200-ph5-bs1-bt3-b2020-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-bn200-ph5-bs1-bt3-b2020-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records","official reports"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Brian P. Kemp \nGovernor \n \nChristopher Nunn \nCommissioner \n \nGeorgia State Income Tax Credit for Rehabilitated Historic Properties SFY 2020 End of Year Report - July 1, 2019 thru June 30, 2020 \nBackground \n In March 2002, the Georgia General Assembly passed into law the State Income Tax Credit for Rehabilitated Historic Property (O.C.G.A. Sec.48-7-29.8). Since January 2004, owners of historic residential and commercial properties who plan to undertake a substantial rehabilitation have been eligible to apply for the credit. \n The program is administered through the Historic Preservation Division (HPD) of the Georgia Department of Natural Resources* in collaboration with the Georgia Department of Revenue. \n The program allows 25% of qualified rehabilitation expenditures to be taken as a state income tax credit for both historic homes and income-producing structures. If the property is in a low- income target area, a 30% credit is allowed. The credit is capped for individual projects at $100,000 for historic homes and $300,000 for incomeproducing buildings or $5 million/$10 million for projects meeting certain other criteria in a $25 million annual program cap category. \n The State Preferential Property Tax Assessment for Rehabilitated Historic Property and the Federal Rehabilitation Investment Tax Credit are companion programs. \nEligibility \n Property must be listed in the Georgia Register of Historic Places or be determined eligible for listing at the time of application and be listed prior to claiming the tax credit. \n Project work must be certified as meeting the Department of Natural Resource's* Standards for Rehabilitation.  Project qualified rehabilitation expenditures must meet a substantial rehabilitation test.  Part A  Preliminary Certification should be submitted to HPD before project work begins. Once the Part A is \napproved, the applicant has two years (five years for phased projects) to complete the rehabilitation.  Part B  Final Certification is submitted to HPD when the project is finished. After the Part B is approved, the \nowner applies the credit to the taxable year the rehabilitation is completed or allocated. \nPlant Riverside in Savannah is a $140M rehabilitation of a former power plant which has been converted into a boutique hotel while maintaining its industrial character. \n \n* As of July 1, 2020, HPD became a division of the Department of Community Affairs. The SFY2020 report concludes references to the Department of Natural Resources. \n \n SFY 2020 Economic Impact of Tax Incentives: \nGeorgia's preservation tax incentives programs play a significant role in the economic development of communities throughout the state by creating jobs, spurring neighborhood and downtown revitalization, enriching and supporting cultural and heritage tourism, encouraging local investment, and boosting tax revenues. \nStatistics for SFY 2020 reveal continued widespread utilization of tax incentives and the significant private investment they attract. Projects included houses, downtown commercial buildings, and adaptive use rehabilitation of institutional and industrial facilities with individual project investment ranging from about $47,000 to $81 million. Communities with project activity were led by Savannah, with 47 projects (preliminary and final certifications), followed closely by Atlanta (31 projects) and Macon (42 projects). Other cities and towns with project activity included Augusta, Braselton, Brookhaven, Clarkesville, Columbus, Conyers, Dalton, Decatur, Dublin, Louisville, Madison, Thomasville, Tybee Island, Valdosta, and Winder. \nAnother tangible measurement of the program's effectiveness is represented by the leveraging effect of the tax credits (ratio of tax credits earned to amount of private investment), especially considering the benefits of the private investment accrue before the tax credits are applied. In SFY 2020, the leverage ratio for completed projects (final certifications) was 1 : 6.61. \n \n78 preliminary certification applications for proposed work were submitted representing \n \n22 historic home rehabilitations and 56 income-producing property rehabilitations equaling: \n \n $247,271,916 in investment \n \n 1,617 jobs created* \n \n $89,458,528 in salary and wages generated*  1681 additional jobs being created elsewhere*  $68,686,736 in potential state tax credits \n \n* Statistics calculated using multipliers provided in \nHPD's The Economic Benefits of Historic Preservation in Georgia report available on HPD's website at \n \n $7,418,157 in state tax revenue generated from projects**  $7,170,885 in local tax revenues generated from projects** \n \nwww.georgiashpo.org. Statistics provided here should not be directly compared to annual reports using other economic modelling reports as different \n \ndata sets may be applicable. \n \n75 final certification applications for completed projects were submitted, representing \n \n18 historic home rehabilitations and 54 income-producing property rehabilitations equaling: \n \n $252,836,266 in investment \n \n 1,617 jobs created*  $91,466,240 in salary and wages generated*  1,681 additional jobs being created elsewhere*  $38,264,169 in potential state tax credits  $7,584,642 in state tax revenue generated from projects**  $7,331,821 in local tax revenues generated from projects** \n \n** Includes revenue from \nsales taxes, property taxes, wages \u0026 salaries, corporation and other taxes/revenues generated by project activities during rehabilitation. \n \nBuilt in 1910, Ft. Screven Enlisted Men's Barracks have been converted into a multi-family property and taken what was previously a vacant building and returned it to productive use. \n \nFor questions about this report or to learn more about preservation tax incentives, contact HPD's tax incentives program manager at 404-486-6430 \n \n "},{"id":"dlg_ggpd_y-ga-bn200-ph5-bs1-bt3-b2019-belec-p-btext","title":"Georgia state income tax credit for rehabilitated historic properties : SFY 2019 end of year report","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Historic Preservation Division, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Natural Resources. Historic Preservation Division"],"dc_date":["2019"],"dcterms_description":["End of year report for Georgia state income tax credit for rehabilitated historic properties."],"dc_format":["application/pdf"],"dcterms_identifier":null,"dcterms_language":["eng"],"dcterms_publisher":["Atlanta, Ga. : Georgia. Department of Natural Resources. Historic Preservation Division"],"dc_relation":null,"dc_right":["http://rightsstatements.org/vocab/InC/1.0/"],"dcterms_is_part_of":null,"dcterms_subject":["Historic preservation--Georgia--Periodicals","Tax credits--Georgia--Periodicals","Historic buildings--Georgia--Periodicals"],"dcterms_title":["Georgia state income tax credit for rehabilitated historic properties : SFY 2019 end of year report"],"dcterms_type":["Text"],"dcterms_provenance":["University of Georgia. Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-bn200-ph5-bs1-bt3-b2019-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-bn200-ph5-bs1-bt3-b2019-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records","official reports"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Georgia State Income Tax Credit for Rehabilitated Historic Properties SFY 2019 End of Year Report - July 1, 2018 thru June 30, 2019 \nBackground \n In March 2002, the Georgia General Assembly passed into law the State Income Tax Credit for Rehabilitated Historic Property (O.C.G.A. Sec.48-7-29.8). Since January 2004, owners of historic residential and commercial properties who plan to undertake a substantial rehabilitation have been eligible to apply for the credit. \n The program is administered through the Historic Preservation Division (HPD) of the Georgia Department of Natural Resources in collaboration with the Georgia Department of Revenue. \n The program allows 25% of qualified rehabilitation expenditures to be taken as a state income tax credit for both historic homes and income-producing structures. If the property is in a low- income target area, a 30% credit is allowed. The credit is capped for individual projects at $100,000 for historic homes and $300,000 for incomeproducing buildings or $5 million/$10 million for projects meeting certain other criteria in a $25 million annual program cap category. \n The State Preferential Property Tax Assessment for Rehabilitated Historic Property and the Federal Rehabilitation Investment Tax Credit are companion programs. \nEligibility \n Property must be listed in the Georgia Register of Historic Places or be determined eligible for listing at the time of application and be listed prior to claiming the tax credit. \n Project work must be certified as meeting the Department of Natural Resource's Standards for Rehabilitation.  Project qualified rehabilitation expenditures must meet a substantial rehabilitation test.  Part A  Preliminary Certification should be submitted to HPD before project work begins. Once the Part A is \napproved, the applicant has two years (five years for phased projects) to complete the rehabilitation.  Part B  Final Certification is submitted to HPD when the project is finished. After the Part B is approved, the \nowner applies the credit to the taxable year the rehabilitation is completed or allocated. \n \nThe Monroe Livery stable, built in 1901 has three bays. Historically, the outer bays were used for stables and the center bay was used for carriages. Today the center bay and one side bay act as event space and the third bay is available for tenant build out. \n \nThe center bay's roof had collapsed before the building was purchased by the current owner. This circumstance gave them the flexibility to leave the area open and just repair the remaining roof structure. Other work included structural repair and stabilization and repair to the building materials. \n \n SFY 2019 Economic Impact of Tax Incentives: \nGeorgia's preservation tax incentives programs play a significant role in the economic development of communities throughout the state by creating jobs, spurring neighborhood and downtown revitalization, enriching and supporting cultural and heritage tourism, encouraging local investment, and boosting tax revenues. \nStatistics for SFY 2019 reveal continued widespread utilization of tax incentives and the significant private investment they attract. Projects included houses, downtown commercial buildings, and adaptive use rehabilitation of institutional and industrial facilities with individual project investment ranging from about $9,000 to $55.2 million. Communities with project activity were led by Savannah with 46 projects (preliminary and final certifications), followed by Atlanta (38 projects) and Macon (38 projects). Augusta was also a center of robust activity with a total of 18 projects. Other cities and towns with project activity included Americus, Athens, Ball Ground, Bartow, Clarkesville, Covington, Dalton, Decatur, Dublin, East Point, Ellabell, Forsyth, Gray, Kennesaw, LaGrange, Louisville, Madison, McDonough, Milledgeville, Monroe, Rome, Thomasville, Tifton, Tybee Island, Valdosta, Washington, Winder, and Zebulon. \nAnother tangible measurement of the program's effectiveness is represented by the leveraging effect of the tax credits (ratio of tax credits earned to amount of private investment), especially considering the benefits of the private investment accrue before the tax credits are applied. In SFY 2019, the leverage ratio for completed projects (final certifications) was 1 : 5. \n \n 90 preliminary certification applications for proposed work were submitted representing \n \n30 historic home rehabilitations and 60 income-producing property rehabilitations equaling: \n \n $240,282,189 in investment \n \n 1,572jobs created*  $86,936,215 in salary and wages generated*  1,635 additional jobs being created elsewhere*  $45,145,045 in potential state tax credits  $7,209,000 in state tax revenue generated from projects** \n \n* Statistics calculated using multipliers provided in \nHPD's The Economic Benefits of Historic Preservation in Georgia report available on HPD's website at www.georgiashpo.org. Statistics provided here should not be directly compared to SFY2011-2016 as the economic modelling currently applied uses different data sets. \n \n $6,968,700 in local tax revenues generated from projects** \n \n 86 final certification applications for completed projects were submitted, representing \n \n23 historic home rehabilitations and 63 income-producing property rehabilitations equaling: \n \n $125,405,231 in investment  820 jobs created*  $45,367,463 in salary and wages generated*  852 additional jobs being created elsewhere* \n \n** Includes revenue from sales taxes, \nproperty taxes, wages \u0026 salaries, corporation and other taxes/revenues generated by project activities during rehabilitation. \n \n $25,142,320 in potential state tax credits \n \n $3,762,000 in state tax revenue generated from projects**  $3,363,600 in local tax revenues generated from projects** \n \nBefore \n \nThe RC Henry Building was built in 1900 and originally occupied by the Dublin Bank Co. In the 1960s, a department store made major changes to the exterior of the building. The recent \nrehab used historic photos to \nbring the building back to its After \noriginal exterior. \n \nFor questions about this report or to learn more about preservation tax incentives, contact HPD's tax incentives program manager at 770-389-7849 \n \n "},{"id":"dlg_ggpd_y-ga-bn200-ph5-bs1-bt3-b2018-belec-p-btext","title":"Georgia state income tax credit for rehabilitated historic properties : SFY 2018 end of year report","collection_id":"dlg_ggpd","collection_title":"Georgia Government Publications","dcterms_contributor":["Georgia. Historic Preservation Division, issuing body."],"dcterms_spatial":["United States, Georgia, 32.75042, -83.50018"],"dcterms_creator":["Georgia. Department of Natural Resources. 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Map and Government Information Library"],"edm_is_shown_by":["https://dlg.galileo.usg.edu/do:dlg_ggpd_y-ga-bn200-ph5-bs1-bt3-b2018-belec-p-btext"],"edm_is_shown_at":["https://dlg.galileo.usg.edu/id:dlg_ggpd_y-ga-bn200-ph5-bs1-bt3-b2018-belec-p-btext"],"dcterms_temporal":null,"dcterms_rights_holder":null,"dcterms_bibliographic_citation":null,"dlg_local_right":null,"dcterms_medium":["state government records","official reports"],"dcterms_extent":null,"dlg_subject_personal":null,"iiif_manifest_url_ss":null,"dcterms_subject_fast":null,"fulltext":"Georgia State Income Tax Credit for Rehabilitated Historic Properties SFY 2018 End of Year Report - July 1, 2017 thru June 30, 2018 \nBackground \n In March 2002, the Georgia General Assembly passed into law the State Income Tax Credit for Rehabilitated Historic Property (O.C.G.A. Sec.48-7-29.8). Since January 2004, owners of historic residential and commercial properties who plan to undertake a substantial rehabilitation have been eligible to apply for the credit. \n The program is administered through the Historic Preservation Division (HPD) of the Georgia Department of Natural Resources in collaboration with the Georgia Department of Revenue. \n The program allows 25% of qualified rehabilitation expenditures to be taken as a state income tax credit for both historic homes and income-producing structures. If the property is in a low- income target area, a 30% credit is allowed. The credit is capped for individual projects at $100,000 for historic homes and $300,000 for incomeproducing buildings or $5 million/$10 million for projects meeting certain other criteria in a $25 million annual program cap category. \n The State Preferential Property Tax Assessment for Rehabilitated Historic Property and the Federal Rehabilitation Investment Tax Credit are companion programs. \nEligibility \n Property must be listed in the Georgia Register of Historic Places or be determined eligible for listing at the time of application and be listed prior to claiming the tax credit. \n Project work must be certified as meeting the Department of Natural Resource's Standards for Rehabilitation.  Project qualified rehabilitation expenditures must meet a substantial rehabilitation test.  Part A  Preliminary Certification should be submitted to HPD before project work begins. Once the Part A is \napproved, the applicant has two years (five years for phased projects) to complete the rehabilitation.  Part B  Final Certification is submitted to HPD when the project is finished. After the Part B is approved, the \nowner applies the credit to the taxable year the rehabilitation is completed or allocated. \nLookout Mountain Hotel, now known as Carter Hall, opened in 1928. The building was used as a hotel until the 1960s, when it was purchased by Covenant College for use as dorms and a dining hall. \nThe building underwent a $28 million rehab to remove the EFIS that was installed over the exterior in the 1980s and to rebuild the top of the tower that was removed by 1960. Other updates were made, but overall, the original floor plan, wood beans, and stone accents all remain intact. \n \n SFY 2018 Economic Impact of Tax Incentives: \nGeorgia's preservation tax incentives programs play a significant role in the economic development of communities throughout the state by creating jobs, spurring neighborhood and downtown revitalization, enriching and supporting cultural and \nheritage tourism, encouraging local investment, and boosting tax revenues. \nStatistics for SFY 2018 reveal continued widespread utilization of tax incentives and the significant private investment they attract. Projects included houses, downtown commercial buildings, and adaptive use rehabilitation of institutional and industrial facilities with individual project investment ranging from about $34,700 to $28.35 million. Communities with project activity were led by Macon, with 49 projects (preliminary and final certifications), followed by a tie with Atlanta and Savannah (38 projects each). Augusta also submitted an impressive number of projects with a total of 22 projects. Other cities and towns with project activity included Athens, Albany, Ball Ground, Braselton, Brunswick, Canton, Cartersville, Columbus, Dalton, Decatur, Dublin, Eatonton, Forsyth, Jackson, Jefferson, Kennesaw, Lookout Mountain, Madison, Ochlocknee, Plains, Rome, Thomasville, Tifton, Tybee Island, Valdosta, Waycross, Waynesboro, West Point, and Winder \nAnother tangible measurement of the program's effectiveness is represented by the leveraging effect of the tax credits (ratio of tax credits earned to amount of private investment), especially considering the benefits of the private investment accrue before the tax credits are applied. In SFY 2018, the leverage ratio for completed projects (final certifications) was 1 : 4. \n \n 114 preliminary certification applications for proposed work were submitted representing \n35 historic home rehabilitations and 79 income-producing property rehabilitations equaling: \n \n $155,399,869 in investment  1,016 jobs created* \n \n* Statistics calculated using multipliers provided in HPD's The \nEconomic Benefits of Historic Preservation in Georgia report \n \n $56,220,922 in salary and wages generated*  1,073 additional jobs being created elsewhere* \n \navailable on HPD's website at www.georgiashpo.org. Statistics provided here should not be directly compared to previous year reports as the economic modelling for each use different data sets. \n \n $38,849,967 in potential state tax credits  $4,662,000 in state tax revenue generated from projects** \n \n** Includes revenue from sales \ntaxes, property taxes, wages \u0026 \n \n $4,506,600 in local tax revenues generated from projects** \n \nsalaries, corporation and other taxes/revenues generated by \n \n 75 final certification applications for completed projects were submitted, representing \n \nproject activities during \n \n25 historic home rehabilitations and 50 income-producing property rehabilitations equaling: rehabilitation. \n \n $166,499,626 in investment \n \n 1,089 jobs created* \n \n $60,236,703in salary and wages generated* \n \n 1,133 additional jobs being created elsewhere* \n \n $41,624,907 in potential state tax credits \n \n $4,995,000 in state tax revenue generated from projects** \n \n $4,828,500 in local tax revenues generated from projects** \n \nThe Miller Theater in Augusta is now home to the Augusta Symphony Orchestra among other performances. Because the theater remained untouched since it closed in the 1980s, much of the original historic fabric was saved although the theater was adapted for modern use. \nFor questions about this report or to learn more about preservation tax incentives, contact HPD's tax incentives program manager at 770-389-7849 \n \n "}],"pages":{"current_page":1,"next_page":null,"prev_page":null,"total_pages":1,"limit_value":10,"offset_value":0,"total_count":6,"first_page?":true,"last_page?":true},"facets":[{"name":"type_facet","items":[{"value":"Text","hits":6}],"options":{"sort":"count","limit":16,"offset":0,"prefix":null}},{"name":"creator_facet","items":[{"value":"Georgia. Department of Natural Resources. 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