HB479: HB479 Income tax; allow for tax credits in excess of the amount that can be claimed in a given year to be carried forward to subsequent years

25 LC 59 0087 House Bill 479 By: Representatives Carson of the 46th, Dubnik of the 29th, Kelley of the 16th, Carpenter of the 4th, Crowe of the 118th, and others A BILL TO BE ENTITLED AN ACT To amend Article 2 of Chapter 7 of Title 48 of the Official Cod e of Georgia Annotated,1 relating to the imposition, rate, computation, exemptions, and credits relative to income2 taxes, so as to allow for tax credits in excess of the amount t hat can be claimed in a given3 year to be carried forward to subsequent years; to provide for related matters; to provide for4 an effective date and applicability; to repeal conflicting laws; and for other purposes.5 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 SECTION 1.7 Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the8 imposition, rate, computation, exemptions, and credits relative to income taxes, is amended9 by revising subsection (c) of Code Section 48-7-29.16, relating to tax credits for10 contributions to student scholarship organizations, as follows:11 "(c) A corporation or other entity shall be allowed a credit against the tax imposed by this12 chapter for qualified education expenses in an amount not to ex ceed the actual amount13 expended or 75 percent of the corporation's such entity's estimated income tax liability, as14 provided to the department under paragraph (3) of subsection (f ) of this Code section,15 whichever is less."16 H. B. 479 - 1 - 25 LC 59 0087 SECTION 2.17 Said article is further amended by revising subsection (c) of C ode Section 48-7-29.20,18 relating to tax credits for contributions to rural hospital organizations, as follows:19 "(c) A corporation or other entity shall be allowed a credit against the tax imposed by this20 chapter for qualified rural hospital organization expenses in an amount not to exceed the21 actual amount expended or 75 percent of the corporation's such entity's estimated income22 tax liability, as provided to the department under paragraph (3 ) of subsection (e) of this23 Code section, whichever is less."24 SECTION 3.25 Said article is further amended by revising subsection (c) of C ode Section 48-7-29.21,26 relating to tax credits for donations to nonprofit corporations awarding grants to public27 schools, as follows:28 "(c) A corporation or other entity shall be allowed a credit against the tax imposed by this29 chapter for qualified education donations in an amount not to e xceed the actual amount30 donated or 75 percent of the corporation's such entity's estimated income tax liability, as31 provided to the department under paragraph (3) of subsection (f ) of this Code section,32 whichever is less."33 SECTION 4.34 Said article is further amended by revising paragraph (4) of subsection (b.1) of Code Section35 48-7-29.24, relating to tax credits for contributions to foster child support organizations, as36 follows:37 "(4) In the case of a corporation or other entity not provided for in paragraphs (1)38 through (3) of this subsection, 10 percent of such entity's estimated income tax liability,39 as provided to the department under paragraph (1) of subsection (e) of this Code section."40 H. B. 479 - 2 - 25 LC 59 0087 SECTION 5.41 Said article is further amended by revising subparagraph (b)(2) (D) of Code Section42 48-7-29.25, relating to tax credits for contributions to law en forcement foundations, as43 follows:44 "(D) A corporation or other entity not provided for in subparagraphs (A) through (C)45 of this paragraph shall be allowed a credit against the tax imposed by this chapter, for46 qualified contributions in an amount not to exceed the actual a mount of qualified47 contributions made or 75 percent of such corporation's or other entity's estimated48 income tax liability, as provided to the department under paragraph (1) of subsection (e)49 of this Code section, whichever is less."50 SECTION 6.51 This Act shall become effective on July 1, 2025, and shall be applicable to all taxable years52 beginning on or after January 1, 2026.53 SECTION 7.54 All laws and parts of laws in conflict with this Act are repealed.55 H. B. 479 - 3 -