Compilation of Rules and Regulations of the State of Georgia
Department 110 - RULES OF GEORGIA DEPARTMENT OF COMMUNITY AFFAIRS
Chapter 110-37 - HISTORIC PRESERVATION
Subject 110-37-6 - GEORGIA STATE INCOME TAX CREDIT PROGRAM FOR REHABILITATED HISTORIC PROPERTY
Rule 110-37-6-.09 - Revocation and Recapture

Universal Citation: GA Rules and Regs r 110-37-6-.09

Current through Rules and Regulations filed through September 23, 2024

(1) The credit allowed for a certified rehabilitation is subject to revocation by the Department of Revenue in the event:

(a) The Department, on inspection within three years after completion of the project, determines that certification as a certified rehabilitation should be revoked because the project was not undertaken as represented by the owner in his or her application and supporting documentation, or the owner, upon obtaining final certification, undertook further unapproved project work inconsistent with the Standards.

(b) The Department, on inspection within three years after completion of the project, determines that certification as a certified structure should be revoked because the project was not undertaken as represented by the owner in his or her application and supporting documentation, or the owner, upon obtaining final certification, undertook further unapproved project work that caused the property to lose those qualities that caused it to be individually listed or designated a certified structure as a contributing property within a listed historic district.

(c) For circumstances described in subparagraph (1)(a) and (1)(b) of this rule, the owner shall reimburse the entire amount of the credit to the Department of Revenue.

(d) In the event revocation is required pursuant to this rule, the taxpayer shall file an amended income tax return within the latter of 60 days of revocation of certification as a certified rehabilitation or certified structure or final decision of an appeal.

(2) The credit allowed for a certified rehabilitation is subject to recapture by the Department of Revenue in the event the owner of a historic home sells the property within three years of taking the credit.

(a) The owner shall recapture the credit to the Department of Revenue as follows:

1. If the property is sold within one year of receiving the credit, the recapture amount will equal the lesser of the credit or the net profit of the sale;

2. If the property is sold within two years of receiving the credit, the recapture amount will equal the lesser of two-thirds of the credit or the net profit of the sale; or

3. If the property is sold within three years of receiving the credit, the recapture amount will equal the lesser of one-third of the credit or the net profit of the sale.

(b) The recapture provisions of this rule shall not apply to a sale by a nonprofit corporation of a historic home.

(d) In the event recapture is required pursuant to this rule, the taxpayer shall file an amended income tax return within 60 days of the date the property is sold.

(3) Specific means of revocation and/or recapture of credits provided by O.C.G.A. § 48-7-29.8 by a taxpayer shall be in accordance with rules and procedures established by the Department of Revenue.

O.C.G.A. § 48-7-29.8.

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