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 Code of Georgia Annotated,
relating to income tax imposition, rate, computation, exemptions, and credits, so as to
increase the annual aggregate limit for tax credits available for qualified education donations;
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
income tax imposition, rate, computation, exemptions, and credits, is amended in Code
Section 48-7-29.21, relating to tax credits for donations to nonprofit corporations awarding
grants to public schools, by revising paragraph (1) of subsection (f) as follows:
"(f)(1) In no event shall the aggregate amount of tax credits allowed under this Code
section exceed: <ins>$25 million per calendar year
</ins> <del>(A) $5 million for the tax year ending on December 31, 2023; or
(B) $15 million for the tax year 2024, and for all subsequent tax years."
</del>
SECTION 2.
This Act shall become effective on July 1, 2026, and shall be applicable to all taxable years
beginning on or after January 1, 2026.
SECTION 3.
All laws and parts of laws in conflict with this Act are repealed.