Ir al contenido
Georgia Commons

Código Oficial de Georgia Anotado

Título 48. REVENUE AND TAXATION · Capítulo 7. INCOME TAXES · Artículo 2. IMPOSITION, RATE, COMPUTATION, EXEMPTIONS, AND CREDITS

48-7-29.9. Tax credits for qualified life insurance premiums for active duty National Guard and Air National Guard members.

Vigente2 versiones impresas

Actualizado hasta: Including Acts of the 2025 Regular Session of the General Assembly.

El texto siguiente es la ley tal como la imprime el estado, en inglés.

Effective January 1, 2025.Vigente hoy: Effective January 1, 2025.
  1. (a)

    As used in this Code section, the term:#

    1. (1)

      “Active duty” means full-time duty in the United States armed forces, other than active duty for training, for a period of more than 90 consecutive days.#

    2. (2)

      “Active duty for training” means full-time duty in the United States armed forces for a period of more than 90 consecutive days for training purposes performed by members of the National Guard and Air National Guard who are residents of this state.#

    3. (3)

      “Qualified life insurance” means insurance coverage through the Servicemembers’ Group Life Insurance Program administered by the United States Department of Veterans Affairs for the maximum benefit amount available under such program for the loss of life of a member of the National Guard or Air National Guard who is a resident of this state while on active duty or active duty for training.#

  2. (b)

    A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20 in an amount not to exceed the amount expended for qualified life insurance premiums.#

  3. (c)

    The credit provided under this subsection:#

    1. (1)

      Shall be claimed and allowed in the year in which the majority of such days are served. In the event an equal number of consecutive days are served in two calendar years, then the exclusion shall be claimed and allowed in the year in which the ninetieth day occurs; and#

    2. (2)

      Shall apply with respect to each taxable year in which such member serves for such qualifying period of time.#

  4. (d)

    In no event shall the total amount of the tax credit under this Code section for a taxable year exceed the taxpayer’s income tax liability. Any unused tax credit shall be allowed the taxpayer against no more than three succeeding years’ tax liability. No such credit shall be allowed the taxpayer against prior years’ tax liability.#

  5. (e)

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

Las notas siguientes se imprimen con la sección, pero no son ley promulgada (O.C.G.A. § 1-1-1(c)). Se muestran aparte del texto.

History

Code 1981, § 48-7-29.9, enacted by Ga. L. 2005, p. 220, § 2/HB 538; Ga. L. 2009, p. 8, § 48/SB 46; Ga. L. 2024, p. 794, § 1-3/HB 1181, effective January 1, 2025.

Delayed effective date

Code Section 48-7-29.9 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.

Amendments

The 2024 amendment, effective January 1, 2025, inserted “no more than three” in the second sentence in subsection (d). See Editor’s notes for applicability.

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.

Leer la página oficial (el PDF del estado, abierto en la página de la que se leyó este texto).

Actualizado hasta: Including Acts of the 2025 Regular Session of the General Assembly.

Texto leído de t48-ch7-8-(v37)-2024-pdf.pdf, Volumen V37, edición 2024, páginas 141 a 142; acción de fusión: carried; SHA-256 del archivo 94ae5e1b204a.

Effective until January 1, 2025.Ya no está vigente tal como está impresa (Effective until January 1, 2025.)
  1. (a)

    As used in this Code section, the term:#

    1. (1)

      “Active duty” means full-time duty in the United States armed forces, other than active duty for training, for a period of more than 90 consecutive days.#

    2. (2)

      “Active duty for training” means full-time duty in the United States armed forces for a period of more than 90 consecutive days for training purposes performed by members of the National Guard and Air National Guard who are residents of this state.#

    3. (3)

      “Qualified life insurance” means insurance coverage through the Servicemembers’ Group Life Insurance Program administered by the United States Department of Veterans Affairs for the maximum benefit amount available under such program for the loss of life of a member of the National Guard or Air National Guard who is a resident of this state while on active duty or active duty for training.#

  2. (b)

    A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20 in an amount not to exceed the amount expended for qualified life insurance premiums.#

  3. (c)

    The credit provided under this subsection:#

    1. (1)

      Shall be claimed and allowed in the year in which the majority of such days are served. In the event an equal number of consecutive days are served in two calendar years, then the exclusion shall be claimed and allowed in the year in which the ninetieth day occurs; and#

    2. (2)

      Shall apply with respect to each taxable year in which such member serves for such qualifying period of time.#

  4. (d)

    In no event shall the total amount of the tax credit under this Code section for a taxable year exceed the taxpayer’s income tax liability. Any unused tax credit shall be allowed the taxpayer against succeeding years’ tax liability. No such credit shall be allowed the taxpayer against prior years’ tax liability.#

  5. (e)

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

Las notas siguientes se imprimen con la sección, pero no son ley promulgada (O.C.G.A. § 1-1-1(c)). Se muestran aparte del texto.

History

Code 1981, § 48-7-29.9, enacted by Ga. L. 2005, p. 220, § 2/HB 538; Ga. L. 2009, p. 8, § 48/SB 46.

Delayed effective date

Code Section 48-7-29.9 is set out twice in this Code. This version is effective until January 1, 2025. For version effective January 1, 2025, see the following version.

Code Commission notes

Pursuant to Code Section 28-9-5, in 2005, in paragraphs (a)(1) and (a)(2), “full-time duty” was substituted for “full time duty.”

Leer la página oficial (el PDF del estado, abierto en la página de la que se leyó este texto).

Actualizado hasta: Including Acts of the 2025 Regular Session of the General Assembly.

Texto leído de t48-ch7-8-(v37)-2024-pdf.pdf, Volumen V37, edición 2024, páginas 140 a 141; acción de fusión: carried; SHA-256 del archivo 94ae5e1b204a.