HB98: HB98 Income tax; credit equal to 10 percent of the federal child tax credit; provide

25 LC 59 0047 House Bill 98 By: Representatives Hugley of the 141st, Herring of the 145th, Clark of the 108th, Griffin of the 149th, Jackson of the 128th, and others A BILL TO BE ENTITLED AN ACT To amend Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to1 income taxes, so as to provide for a state income tax credit equal to 10 percent of the federal2 child tax credit; to provide for rules and regulations; to provide for related matters; to provide3 for an effective date and applicability; to repeal conflicting laws; and for other purposes.4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 SECTION 1.6 Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes,7 is amended by adding a new Code section to read as follows:8 "48-7-29.27.9 (a) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-2010 in an amount equal to 10 percent of the federal credit that such taxpayer is allowed under11 Section 24 of the Internal Revenue Code. Such credit shall be allowed only if the12 individual would have received the federal credit allowed under Section 24 of the Internal13 Revenue Code after adding any carryforward of a net operating l oss that was deducted14 pursuant to such section in determining eligibility for the federal credit.15 H. B. 98 - 1 - 25 LC 59 0047 (b) If the total amount of the tax credit provided for in this Code section exceeds the16 taxpayer's income tax liability for a taxable year, such excess funds shall be refunded to the17 taxpayer.18 (c) The commissioner shall be authorized to promulgate rules and regulations necessary19 to implement and administer the provisions of this Code section."20 SECTION 2.21 This Act shall become effective on July 1, 2025, and shall be applicable to all taxable years22 beginning on or after January 1, 2025.23 SECTION 3.24 All laws and parts of laws in conflict with this Act are repealed.25 H. B. 98 - 2 -