HB563: HB563 Motor vehicles; authorize licensed physical therapists to certify an individual is disabled for purposes of obtaining special vehicle decals

26 LC 44 3564S The Senate Committee on Agriculture and Consumer Affairs offered the following substitute to HB 563: 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 imposition, rate, computation, exemptions, and credits, so as to provide for a tax2 credit for woody biomass power generators; to provide for limit s; to provide for taxpayer3 certification; to provide for transfer of credits, reimbursemen t of related audit costs, and4 recapture of tax credits wrongfully allowed; to authorize promu lgation of regulations; to5 provide for definitions; to provide for related matters; to rep eal conflicting laws; and for6 other purposes.7 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:8 SECTION 1.9 Article 2 of Chapter 7 of Title 48 of the Official Code of Geor gia Annotated, relating to10 imposition, rate, computation, exemptions, and credits, is amended by adding a new Code11 section to read as follows:12 "48-7-40.38.13 (a) As used in this Code section, the term:14 - 1 - 26 LC 44 3564S (1) 'Capacity' means the ratio of the net energy produced by a generating facility to the15 amount of energy that could have been produced, in the absence of any scheduled or16 unscheduled outages, in any selected time period.17 (2) 'Power generator' means any equipment owned and operated b y a customer of an18 electric service provider for the production of electrical energy that:19 (A) Operates on woody biomass;20 (B) Has a minimum capacity of 50 megawatts; and21 (C) Is used at least 50 percent capacity during the prior taxable year.22 (3) 'Woody biomass' means wood residuals that include land-cle aring residue, urban23 wood residue, and pellets and do not include wood from any United States national forest.24 (b)(1) A taxpayer shall be allowed tax credits for expenditure s made for the purchase,25 installation, and readying of a power generator and related com ponents against the tax26 imposed by Code Section 48-7-20 in an amount of $500,000.00 per megawatt of capacity27 for a maximum of five taxable years.28 (2) The aggregate amount of tax credits allowed pursuant to this Code section shall not29 exceed $200 million.30 (c) In order to claim the tax credits provided for in this Cod e section, a taxpayer shall31 attach to such taxpayer's state tax return certification from t he taxpayer that the32 requirements of this Code section have been met and any other information required by the33 commissioner.34 (d)(1) Any tax credits allowed pursuant to this Code section s hall be claimed on or35 before December 31, 2036.36 (2)(A) The total amount of the tax credits allowed pursuant to this Code section for a37 taxable year may exceed the taxpayer's income tax liability.38 (B) Tax credits claimed pursuant to this Code section may be carried forward for ten39 years from the close of the taxable year in which the credits are claimed, provided that40 no such tax credit may be claimed after December 31, 2036.41 - 2 - 26 LC 44 3564S (e) Tax credits claimed pursuant to this Code section but neit her used by the taxpayer42 against its income tax liability nor refunded may be transferre d or sold one time to one43 single other Georgia taxpayer, subject to the following conditions:44 (1) Only the taxpayer that claimed the tax credits allowed pursuant to this Code section45 shall make the transfer or sale of such tax credits;46 (2) The taxpayer that claimed the tax credits allowed pursuant to this Code section shall47 submit to the commissioner written notification of any transfer or sale of such tax credits48 within 30 days after the transfer or sale of the tax credits. Such written notification shall49 include:50 (A) Such taxpayer's credit balance prior to transfer;51 (B) The credit certificate number;52 (C) The remaining balance of credits after transfer;53 (D) The tax identification number of the transferee;54 (E) The date of transfer;55 (F) The amount of credits transferred; and56 (G) Other information as may be required by the department;57 (3) Failure to comply with any provision of this subsection sh all result in the58 disallowance of the tax credits allowed pursuant to this Code section until the taxpayer59 that claimed the credits is in full compliance;60 (4) The transfer or sale of the tax credits shall not extend the time during which such tax61 credits may be used. The carry-forward period for tax credits that are transferred or sold62 shall begin on the date on which such tax credits were originally claimed; and63 (5) A transferee shall have only such rights to claim and use the tax credits that were64 available to the transferor at the time of the transfer; provided, however, that a transferee65 shall not be eligible to transfer or receive a refund of such tax credits. To the extent that66 the transferor did not have rights to claim or use the tax credits at the time of the transfer,67 the commissioner shall disallow the tax credits claimed by the transferee or recapture the68 - 3 - 26 LC 44 3564S tax credits from the transferee or transferor. The transferee's recourse shall not be against69 the commissioner.70 (f)(1) A taxpayer claiming, transferring, or selling tax credi ts allowed pursuant to this71 Code section shall be required to reimburse the department for any department initiated72 audits relating to the tax credits, provided that such amount shall not exceed the value of73 the credits claimed by the taxpayer. This paragraph shall not apply to routine tax audits74 of such taxpayer that may include the review of the tax credits provided in this Code75 section.76 (2) The commissioner may pursue all remedies available by law as necessary to77 recapture tax credits wrongfully allowed or claimed by a taxpay er or a taxpayer's78 transferee.79 (g) The commissioner shall be authorized to promulgate any rul es and regulations80 necessary to implement and administer this Code section."81 SECTION 2.82 All laws and parts of laws in conflict with this Act are repealed.83 - 4 -