One measure the Council supports, the Georgia Downtown Renaissance Act, House Bill 128, continues to reside in the House Ways and Means Committee. The legislation, sponsored by Macon Representative Allen Peake (R) and supported by the Georgia Municipal Association (GMA), proposes state income tax credits in exchange for investment in residential and commercial development in downtown property.
Key pieces of the legislation, according to GMA, include:
- $20 million per year in statewide tax incentives ranging from 10 to 25 percent for investments in new construction or renovations of existing buildings within Renaissance Districts.
- $5 million per year in statewide tax incentives for the purchase and/or significant improvements of downtown housing.
- $5 million per year in statewide tax incentives for individual or corporate contributions to the Georgia Renaissance Fund. Proceeds of the fund would be used for low-interest loans for downtown projects, partnering with the Downtown Revolving Loan funds available through the Georgia Cities Foundation and DCA that are in such high demand.
As Georgia’s economy continues to recover, the Council believes incentives for development in our state’s downtown’s are an important step in growing again and encouraging the development of one of the most important aspects of our communities, the downtown centers of commerce and commiserating.
We will continue to support this legislation and would encourage you to educate yourself further on the proposed legislation. A detailed handout by GMA which gives an overview on the benefits of revitalizing our downtown’s and the negative impacts not addressing the issue can have our state can be found HERE.
The Council will continue to monitor this legislation and update our members as the Session sprints forward.