On May 3, Governor Deal signed HB 1014 which extended the Conservation Tax Credit Program for an additional five years to December 31, 2021. DOR has now published a proposed amendment to the current rule to implement the new law at: https://dor.georgia.gov/documents/proposed-rule-560-7-8-50- conservation-tax-credit. Comments on the proposed rule are due by October 24 (see below for commenting details).
Changes to the current rule include (1) how to claim the tax credit; (2) how to transfer tax credits; and (3) sunset date. The proposed rule does not address how a donor/taxpayer is to know when the $30 million annual programmatic cap is about to be exceeded; tax credit claims received after the cap has been reached are denied and cannot be submitted for reconsideration (see rule section 8 (d) and (e).
DOR plans to adopt the proposed rule at 10:00 am on October 24 at DOR’s headquarters, Suite 15300, 1800 Century Blvd NE, Atlanta 30345-3205. Comments must be received by then. You can mail your comments to the Commissioner at the above address or you can send them electronically to email@example.com. You can also fax your comments to 404-417-2293. Please reference “Notice Number IT-2016-&” on all comments.