HB565: HB565 Income tax; increase annual aggregate limit for tax credits available for qualified education donations

25 LC 44 3473S The House Committee on Ways & Means offers the following substitute to HB 565: 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 income tax imposition, rate, computation, exemption s, and credits, so as to2 increase the annual aggregate limit for tax credits available for qualified education donations;3 to provide for related matters; to provide for an effective dat e and applicability; to repeal4 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 Geor gia Annotated, relating to8 income tax imposition, rate, computation, exemptions, and credi ts, is amended in Code9 Section 48-7-29.21, relating to tax credits for donations to nonprofit corporations awarding10 grants to public schools, by revising paragraph (1) of subsection (f) as follows:11 "(f)(1) In no event shall the aggregate amount of tax credits a llowed under this Code12 section exceed: $25 million per calendar year13 (A) $5 million for the tax year ending on December 31, 2023; or14 (B) $15 million for the tax year 2024, and for all subsequent tax years."15 H. B. 565 (SUB) - 1 - 25 LC 44 3473S SECTION 2.16 This Act shall become effective on July 1, 2026, and shall be applicable to all taxable years17 beginning on or after January 1, 2026.18 SECTION 3.19 All laws and parts of laws in conflict with this Act are repealed.20 H. B. 565 (SUB) - 2 -