HB248: HB248 Income tax; tax credit for certain expenses incurred by taxpayers for certain geothermal machinery installations at residential dwellings; provide

26 LC 59 0480S The Senate Committee on Finance offered the following substitute to HB 248: 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 tax credit for certain eli gible expenses incurred for2 firearm safe handling instructional courses and firearm secure storage devices; to provide for3 an aggregate annual cap; to provide for definitions; to provide for terms and conditions; to4 provide for credit preapproval by the department; to prohibit the creation of certain lists or5 databases; to provide for rules and regulations; to provide for a short title; to provide for6 automatic repeal; to provide for an effective date and applicab ility; to provide for related7 matters; to repeal conflicting laws; and for other purposes.8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:9 SECTION 1.10 This Act shall be known and may be cited as the "Firearm Safe Handling and Secure Storage11 Tax Credit Act."12 SECTION 2.13 Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes,14 is amended by adding a new Code section to read as follows:15 - 1 - 26 LC 59 0480S "48-7-29.11A.16 (a) As used in this Code section, the term:17 (1) 'Eligible expenses' means expenses incurred by an individu al taxpayer during the18 taxable year for the:19 (A) Purchase of one or more firearm secure storage devices for his or her personal use20 or donation; and21 (B) Cost of a firearm safe handling instructional course.22 (2) 'Firearm' means any handgun, shotgun, rifle, or other weapon that will be converted23 or is designed to or may readily be converted to expel single o r multiple projectiles by24 action of an explosion of a combustible material.25 (3) 'Firearm safe handling instructional course' means an in-p erson training of at least26 two hours in duration that includes, but is not limited to, instruction on safe handling, use,27 and storage of firearms.28 (4) 'Firearm secure storage device' means any device originally manufactured to securely29 store or disable a firearm and which may only be unlocked by me ans of a key, a30 combination, a fingerprint or other biometric identifier, or ot her similar means. Such31 term shall include, but shall not be limited to, gun safes, trigger locks, chamber locks, and32 cable locks.33 (b)(1) Under the terms and conditions of this Code section, an individual taxpayer shall34 be allowed a credit against the tax imposed by Code Section 48- 7-20 in the amount of35 such taxpayer's eligible expenses or $300.00, whichever is less.36 (2) In no event shall the aggregate limit of tax credits allowed under this Code section37 for any year exceed $10 million.38 (c)(1) The department shall develop a procedure to be followed in the preapproval of any39 tax credit allowed pursuant to this Code section.40 - 2 - 26 LC 59 0480S (2) An individual taxpayer seeking a tax credit pursuant to this Code section shall apply41 to the department for preapproval of such tax credit. Such tax payer shall specify the42 taxable year for which he or she is seeking a tax credit.43 (3) Individual taxpayers that properly apply for preapproval of such tax credit following44 the procedure developed by the department shall be approved on a first-come, first served45 basis until the aggregate limit for such tax credits is reached for that year.46 (4) The department shall preapprove tax credits for each preapproval application within47 30 days and in the received order of submitted applications. Such preapproved tax credits48 shall be in the amount of $300.00 for each preapproval application.49 (5) In the event that an individual taxpayer applies for preapproval and the amount of tax50 credits available for the taxable year are not sufficient to fu lly fund the tax credits51 requested, the department shall deny such taxpayer's request an d shall not accept any52 additional preapproval applications from taxpayers for the taxable year.53 (d) For a tax credit allowed pursuant to this Code section, an individual taxpayer shall54 maintain receipts for purchases or costs relative to the eligib le expenses for three years55 following the submission of the taxpayer's tax return claiming s u c h t a x c r e d i t . S u c h56 receipts shall be made available upon request for review by the commissioner.57 (e) In no event shall the total amount of any tax credit under this Code section for a taxable58 year exceed the taxpayer's income tax liability. No unused tax credit shall be allowed to59 be carried forward to apply to the taxpayer's succeeding years' tax liability. No such tax60 credit shall be allowed the taxpayer against prior years' tax liability.61 (f) No person shall create any list of names regarding persons who have applied for or62 have been allowed a tax credit pursuant to this Code section except for purposes necessary63 to the administration of such credit.64 (g) The commissioner shall promulgate such rules and regulations as may be necessary for65 the implementation and administration of the provisions of this Code section.66 (h) This Code section shall stand repealed and reserved on December 31, 2031."67 - 3 - 26 LC 59 0480S SECTION 3.68 This Act shall become effective on January 1, 2027, and shall be applicable to taxable years69 beginning on or after January 1, 2027.70 SECTION 4.71 All laws and parts of laws in conflict with this Act are repealed.72 - 4 -