United States Department of Agriculture: Rural Development

The Rural Business Development Grant is a competitive grant designed to support targeted technical assistance, training and other activities leading to the development or expansion of small and emerging private businesses in rural areas that have fewer than 50 employees and less than $1 million in gross revenues. Programmatic activities are separated into enterprise or opportunity type grant activities. For information on the Rural Business Development Grant, follow this link.
 

Small Business Development Center UGA

The UGA Small Business Development Center helps new and existing business through training opportunities, consulting services, and identifying financial resources that will best fit your goals as a business owner. Many of their services are offered at no cost!
For information on the UGA Small Business Development Center, follow this link.

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State Historic Preservation Tax Incentives

The Georgia State Income Tax Credit Program for Rehabilitated Historic Property allows eligible participants to apply for a state income tax credit equaling 25% of qualifying rehabilitation expenses capped at $100,000 for personal, residential properties, and $300,000 for income-producing properties. The credit is a dollar for dollar reduction in taxes owed to the State of Georgia and is meant to serve as an incentive to those who own historic properties and wish to complete a rehabilitation.  The Georgia Preferential Property Tax Assessment Program for Rehabilitated Historic Property allows eligible participants to apply for an 8-year property tax assessment freeze. This incentive program is designed to encourage rehabilitation of both residential and commercial historic buildings by freezing property tax assessments for eight and one-half years. Follow this link.

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State Grants

 

Georgia Heritage Grant Program - Offers matching funds on a statewide competitive basis to local governments and nonprofit organizations (except for churches and other religious organizations) for the preservation of Georgia Register and National Register-eligible historic properties. The program provides matching grants for development and predevelopment projects. Program funding is provided by historic preservation license plate fees.

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Federal Historic Preservation Tax Incentives

 

Available for costs incurred when rehabilitating historic buildings for income-producing uses.

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• The credit is equal to 20% of Qualified Rehabilitation Expenses, and can be used to offset a corporate investor’s federal income tax liability.

• QREs do not include acquisition costs for land and building.

• The corporate investor “purchases” credits by buying an equity interest in the entity that owns the building. Credits are generally allocated to the owners in accordance with their allocation of profits. However, cash flows are allocated differently than profits through the use of various fees and other structuring methods.

Requirements

• Property is listed on National Register of Historic Places.

• Property is not tax-exempt.

• Taxpayer completes a Historic Tax Credit Application.

• QREs undertaken during a 24-month measurement period.

• Project is not an enlargement of current structure.

• Development fees must be “reasonable.”

Benefits

• 20% income tax credit is based on QREs undertaken in the measurement period.

• 100% becomes available the year property is placed in service.

• Can be carried back one year and carried forward for 20 years.

• A five-year recapture period applies for the credits, in which the investor must keep its interest in the project. After the recapture period expires, the developer or general partner usually has the option to purchase the investor’s interest for a fraction of the investor’s initial investment.

The Federal Historic Preservation Tax Incentives allows eligible participants to apply for a state income tax credit equaling 20% of qualifying rehabilitation expenses of historic, income-producing buildings that are determined by the Secretary of the Interior, through the National Park Service, to be “certified historic structures.” The State Historic Preservation Offices and the National Park Service review the rehabilitation work to ensure that it complies with the Secretary’s Standards for Rehabilitation. The Internal Revenue Service defines qualified rehabilitation expenses on which the credit may be taken. Owner-occupied residential properties do not qualify for the federal rehabilitation tax credit. Follow this link.