HB316: HB316 Income tax; credit equal to 20 percent of the federal earned income tax credit; provide

25 LC 59 0092 House Bill 316 By: Representatives Park of the 107th, Jackson of the 128th, Herring of the 145th, Griffin of the 149th, and Stinson of the 150th 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 an income tax credit equal t o 20 percent of the federal2 earned income tax credit; to provide for rules and regulations; to provide for related matters;3 to provide for an effective date and applicability; to repeal c onflicting laws; and for other4 purposes.5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 SECTION 1.7 Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes,8 is amended by adding a new Code section to read as follows:9 "48-7-29.28.10 (a) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-2011 in an amount equal to 20 percent of the federal credit that such taxpayer is allowed under12 Section 32 of the Internal Revenue Code. Such credit shall be allowed only if the13 individual would have received the federal credit allowed under Section 32 of the Internal14 Revenue Code after adding any carryforward of a net operating l oss that was deducted15 pursuant to such section in determining eligibility for the federal credit.16 H. B. 316 - 1 - 25 LC 59 0092 (b) If the total amount of the tax credit provided for in this Code section exceeds the17 taxpayer's income tax liability for a taxable year, such excess funds shall not be refunded18 to the taxpayer or applied to any preceding or succeeding years' tax liability.19 (c) The commissioner shall be authorized to promulgate rules and regulations necessary20 to implement and administer the provisions of this Code section."21 SECTION 2.22 This Act shall become effective on July 1, 2025, and shall be applicable to all taxable years23 beginning on or after January 1, 2025.24 SECTION 3.25 All laws and parts of laws in conflict with this Act are repealed.26 H. B. 316 - 2 -