Georgia General Assembly · Full text

HB 98: Income tax; credit equal to 10 percent of the federal child tax credit; provide

Introduced version, the latest LegiScan holds · Last action January 28, 2025 · Introduced

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House Bill 98

By: Representatives Hugley of the 141st, Herring of the 145th, Clark of the 108th, Griffin of the 149th, Jackson of the 128th, 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 state income tax credit equal to 10 percent of the federal child 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:

"48-7-29.27.

(a) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20 in an amount equal to 10 percent of the federal credit that such taxpayer is allowed under Section 24 of the Internal Revenue Code. Such credit shall be allowed only if the individual would have received the federal credit allowed under Section 24 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.

(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 be refunded to the taxpayer.

(c) The commissioner shall be authorized to promulgate rules and regulations necessary to implement and administer the provisions of this Code section."

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All laws and parts of laws in conflict with this Act are repealed.