---
title: O.C.G.A. § 48-7-29.7. Tax credits for depository financial institutions.
collection: code
id: 48-7-29.7
cite_as: O.C.G.A. § 48-7-29.7 (2025)
canonical_url: https://georgiacommons.org/code/48-7-29.7
md_url: https://georgiacommons.org/code/48-7-29.7.md
text_url: https://georgiacommons.org/code/48-7-29.7/text
source_url: https://www.legis.ga.gov/api/document/docs/default-source/joint-features-document-library/t48-ch7-8-(v37)-2024-pdf.pdf?sfvrsn=1ff964a3_0#page=132
date: 2025
status: active
corpus_version: 2025-supplement-89aa39ab3c68
license: CC0-1.0
publisher: Georgia Commons, an independent project of Georgia Civic Data. Not the State of Georgia. Not legal advice.
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version: Effective January 1, 2025.
in_force: true
other_versions:
  - version: Effective until January 1, 2025.
    in_force: false
    md_url: https://georgiacommons.org/code/48-7-29.7.md?version=until+January+1%2C+2025
current_through: Including Acts of the 2025 Regular Session of the General Assembly
heading_path: REVENUE AND TAXATION / INCOME TAXES / IMPOSITION, RATE, COMPUTATION, EXEMPTIONS, AND CREDITS
---

# O.C.G.A. § 48-7-29.7. Tax credits for depository financial institutions.

(a) There shall be a dollar-for-dollar credit against the state income tax liability of depository financial institutions which shall be equal to the amount of taxes, if any, paid by such taxpayers pursuant to Code Sections 48-6-93 and 48-6-95. If the liability of any such institutions under the taxes authorized by Code Sections 48-6-93 and 48-6-95 exceeds the income tax liability of such institution for any year, the amount of any unused credit under this Code section may be credited over a period of five years from the tax year in which the unused credit arose. If the assets of an institution are acquired by another institution in a transaction described in Section 381(a) of the Internal Revenue Code of 1986, the acquiring institution shall succeed to and take into account any unused credit of the distributor or transferor institution. If a depository financial institution has elected Subchapter ‘S’ status pursuant to the conditions specified in subparagraph (b)(7)(B) of Code Section 48-7-21, the credits authorized by this subsection may be passed through on a pro rata basis to the institution’s shareholders. If the amount of any such pro rata credit exceeds a shareholder’s individual income tax liability, then such unused credit may be credited over a period of three years from the tax year in which the unused credit arose. No such credit shall be allowed the taxpayer against prior years’ tax liability.

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

## History

Code 1981, § 48-7-29.7, enacted by Ga. L. 2000, p. 1445, § 2; Ga. L. 2024, p. 794, § 1-2/HB 1181, effective January 1, 2025.

## Editor's Notes

Ga. L. 2024, p. 794, § 4-1/HB 1181, not codified by the General Assembly, makes the amendments to this Code section by Part I applicable only to the unused tax credits generated during the taxable years beginning on or after January 1, 2025.

## Amendments

The 2024 amendment, effective January 1, 2025, in subsection (a), substituted “Code Sections 48-6-93 and 48-6-95” for “Code Section 48-6-93 and Code Section 48-6-95” in the first and second sentences, and substituted “three years” for “five years” near the middle of the fifth sentence. See Editor’s notes for applicability.

## Delayed Effective Date

Code Section 48-7-29.7 is set out twice in this Code. This version is effective January 1, 2025. For version effective until January 1, 2025, see the preceding version.