Bill aims tax credits at downtown investments

A state lawmaker wants to offer income tax credits of up to 25 percent for investments in downtown business districts across the state.

Rep. Allen Peake, R-Macon, on Tuesday introduced the Georgia Downtown Renaissance Act, which offers individuals or companies the tax break for qualified projects. House Bill 128 would allow cities to create “renaissance districts” where the credits would apply.

The bill is a top priority of the Georgia Municipal Association.

“We estimate that every $1 million in tax credits offered by the state will result in the direct creation of 109 new jobs,” GMA Executive Director Lamar Norton said in a statement. “This means that more than 2,200 new jobs will be created by small businesses each year through the Renaissance Act, or roughly the equivalent of a new Kia plant opening up in our downtowns every year.”

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