Georgia CommonsHB 407: Georgia Hemp Industry Growth and Business Partnership Tax Credit Act; enact
Introduced version, the latest LegiScan holds · Last action February 18, 2025 · Introduced
The text as LegiScan holds it, read from the PDF the legislature publishes with its margin line numbers, running heads, and page footers removed. Line breaks are joined into paragraphs here; no word is changed.
Underlined words are what the bill adds to current law and struck-through words are what it removes, as the printed bill shows them.
House Bill 407
By: Representatives Gilliard of the 162nd, Crawford of the 89th, Holly of the 116th, Tran of the 80th, Schofield of the 63rd, and others
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 a tax credit for costs of doing business with Georgia grown hemp owners and suppliers; to provide for terms and conditions; to provide for related matters; to provide for a short title; 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.
This Act shall be known and may be cited as the "Georgia Hemp Industry Growth and Business Partnership Tax Credit Act."
SECTION 2.
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:
"48-7-29.27.
(a) For taxable years beginning on or after January 1, 2026, each taxpayer shall be allowed an income tax credit against the tax imposed by this article equal to 10 percent of such taxpayer's costs of doing business with Georgia grown hemp owners and suppliers, or $100,000.00 per taxpayer, whichever is less.
(b) The Commissioner of Agriculture shall provide clear guidelines for the application and distribution of the tax credit.
(c) The Commissioner of Agriculture shall provide annual reports on the status of the tax credit program, including the number of applicants, the amount of tax credits issued, and the impact of the tax credit on the Georgia grown hemp industry.
(d) Noncompliance with the provisions of this Code section may result in revocation of the tax credit.
(e) In no event shall the total amount of any tax credit allowed under this Code section for a taxable year exceed the taxpayer's income tax liability. No such tax credit shall be allowed the taxpayer against prior years' tax liability. Any unused tax credit shall be allowed to be carried forward to apply to the taxpayer's next five years' tax liability."
SECTION 3.
This Act shall become effective on January 1, 2026, and shall be applicable to taxable years beginning on or after January 1, 2026.
SECTION 4.
All laws and parts of laws in conflict with this Act are repealed.