Georgia CommonsHB 479: 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
Introduced version, the latest LegiScan holds · Last action February 20, 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 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 Code of Georgia Annotated, relating to the imposition, rate, computation, exemptions, and credits relative to income taxes, so as to allow for tax credits in excess of the amount that can be claimed in a given year to be carried forward to subsequent years; 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.
Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the imposition, rate, computation, exemptions, and credits relative to income taxes, is amended by revising subsection (c) of Code Section 48-7-29.16, relating to tax credits for contributions to student scholarship organizations, as follows: "(c) A corporation or other entity shall be allowed a credit against the tax imposed by this chapter for qualified education expenses in an amount not to exceed the actual amount expended or 75 percent of the corporation's such entity's estimated income tax liability, as provided to the department under paragraph (3) of subsection (f) of this Code section, whichever is less."
SECTION 2.
Said article is further amended by revising subsection (c) of Code Section 48-7-29.20, relating to tax credits for contributions to rural hospital organizations, as follows: "(c) A corporation or other entity shall be allowed a credit against the tax imposed by this chapter for qualified rural hospital organization expenses in an amount not to exceed the actual amount expended or 75 percent of the corporation's such entity's estimated income tax liability, as provided to the department under paragraph (3) of subsection (e) of this Code section, whichever is less."
SECTION 3.
Said article is further amended by revising subsection (c) of Code Section 48-7-29.21, relating to tax credits for donations to nonprofit corporations awarding grants to public schools, as follows:
"(c) A corporation or other entity shall be allowed a credit against the tax imposed by this chapter for qualified education donations in an amount not to exceed the actual amount donated or 75 percent of the corporation's such entity's estimated income tax liability, as provided to the department under paragraph (3) of subsection (f) of this Code section, whichever is less."
SECTION 4.
Said article is further amended by revising paragraph (4) of subsection (b.1) of Code Section
48-7-29.24, relating to tax credits for contributions to foster child support organizations, as follows:
"(4) In the case of a corporation or other entity not provided for in paragraphs (1) through (3) of this subsection, 10 percent of such entity's estimated income tax liability, as provided to the department under paragraph (1) of subsection (e) of this Code section."
SECTION 5.
Said article is further amended by revising subparagraph (b)(2)(D) of Code Section
48-7-29.25, relating to tax credits for contributions to law enforcement foundations, as follows:
"(D) A corporation or other entity not provided for in subparagraphs (A) through (C) of this paragraph shall be allowed a credit against the tax imposed by this chapter, for qualified contributions in an amount not to exceed the actual amount of qualified contributions made or 75 percent of such corporation's or other entity's estimated income tax liability, as provided to the department under paragraph (1) of subsection (e) of this Code section, whichever is less."
SECTION 6.
This Act shall become effective on July 1, 2025, and shall be applicable to all taxable years beginning on or after January 1, 2026.
SECTION 7.
All laws and parts of laws in conflict with this Act are repealed.