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 to
income taxes, so as to provide for an income tax credit equal to 20 percent of the federal
earned income tax credit; to provide for rules and regulations; to provide for related matters;
to provide for an effective date and applicability; to repeal conflicting laws; and for other
purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.
Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes,
is amended by adding a new Code section to read as follows:
<ins>"48-7-29.28.
(a) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20
in an amount equal to 20 percent of the federal credit that such taxpayer is allowed under
Section 32 of the Internal Revenue Code. Such credit shall be allowed only if the
individual would have received the federal credit allowed under Section 32 of the Internal
Revenue Code after adding any carryforward of a net operating loss that was deducted
pursuant to such section in determining eligibility for the federal credit.
</ins>
<ins>(b) If the total amount of the tax credit provided for in this Code section exceeds the
taxpayer's income tax liability for a taxable year, such excess funds shall not be refunded
to the taxpayer or applied to any preceding or succeeding years' tax liability.
(c) The commissioner shall be authorized to promulgate rules and regulations necessary
to implement and administer the provisions of this Code section."
</ins> SECTION 2.
This Act shall become effective on July 1, 2025, and shall be applicable to all taxable years
beginning on or after January 1, 2025.
SECTION 3.
All laws and parts of laws in conflict with this Act are repealed.