TAX INCENTIVES

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State Income Tax Incentives

A state income tax credit of 25% of rehabilitation expenses.  The credit is capped at $100,000 for residences and $300,000 for income-producing properties.  CLICK HERE for more information.

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State Preferential Property Tax Assessment for Rehabilitated Historic Property

Freezes the county property tax assessment for over 8 years.  Available for personal residences as well as income-producing properties.  The owner must increase their fair market value of the building by 50-100%, depending on its new use.

  • The application is a two/three part process, describing before and after rehabilitation.  Ideally, project work should be submitted before work begins and be completed within two years.

  • Applications for all three programs are sent to Georgia Historic Preservation Division (and afterward National Park Service for the Rehabilitation Investment Tax Credit).

  • There are substantial cost tests that must be met to qualify for each program.  CLICK HERE for more information.

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Federal Income Tax Incentives 

A federal income tax credit equal to 20% of rehabilitation expenses.  Available ONLY for income-producing properties.  The application is first reviewed by the Historic Preservation Division then forwarded to the National Park Service for final decision. CLICK HERE for more information.

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R.U.R.A.L. Tax Credits | Revitalizing Underdeveloped Rural Areas Legislation

The R.U.R.A.L. Zone designation provides tax credit incentives to promote the revitalization of vacant rural Georgia downtowns by encouraging investment, job creation, and economic growth in long-established business districts. The purpose of the Rural Zone is to encourage small business investment and job creation to help preserve small town assets and stimulate economic activity. For more information:  Georgia Department of Community Affairs

Job Tax Credits

  1. Must create 2 full-time equivalent jobs

  2. $2,000 credit per new full-time equivalent job.  Not to exceed $40,000 credit per year

  3. Eligible businesses include professional services or retail

  4. Credit can be taken for 5 years as long as jobs are maintained

 

Rehabilitation Tax Credits

  1. Equivalent to 30% of qualified rehabilitation costs not to exceed $150,000

  2. Credit should be prorated equally in three installments over three taxable years

  3. Must create a minimum of two full-time equivalent jobs

Investment Tax
Credits

  1. This credit is for purchasing property downtown within the Rural Revitalization Zone

  2. Equivalent to 25% of the purchase price not to exceed $125,000

  3. To claim this tax credit the investment property must be within the designated zone and create two full-time equivalent jobs

  4. Credit can be claimed over 5 years

Contact:
Amanda Glover
Downtown Development Authority of Bainbridge
Executive Director
205 E Broughton Street
Bainbridge, GA  39817  |  229.400.9093
amandag@bainbridgecity.com