48-7-27.1. Tax credits for taxpayers electing certain itemized nonbusiness deductions.

As used in this Code section, the term “eligible itemizer” means any resident taxpayer who files an individual income tax return for a taxable year and makes the election under subparagraph (a)(1)(A) of Code Section 48-7-27 to deduct the itemized nonbusiness deductions used in computing such taxpayer’s federal taxable income.#

For taxable years beginning on or after January 1, 2024, each eligible itemizer shall be entitled to a credit in the amount of $300.00 per taxpayer against the tax imposed by Code Section 48-7-20.#

The tax credit claimed allowed by this Code section shall be deducted from such taxpayer’s individual income tax liability, if any, for the tax year in which it is properly claimed; provided, however, that in no event shall:#

1. (1)

   The total amount of the tax credit under this Code section for a taxable year exceed such taxpayer’s income tax liability; or#

2. (2)

   Such credit amount be allowed to be carried forward to the taxpayer’s succeeding years’ tax liability or applied against prior years’ tax liability.#