Bill Text: GA HB1069 | 2009-2010 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Income tax; credits for equipment that reduces energy or water usage; provide

Sponsorship: Slight Partisan Bill (Republican 5-2)

Status: (Passed) 2010-06-04 - Effective Date [HB1069 Detail]

Download: Georgia-2009-HB1069-Introduced.html

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10 LC 21 0586

House Bill 1069

By: Representatives Wilkinson of the 52nd, Porter of the 143rd, Lindsey of the 54th, Hugley of the 133rd, Stephens of the 164th, and others

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, and exemptions, so as to provide for tax credits for certain qualified equipment that reduces business or domestic energy or water usage; to provide an effective date; 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, and exemptions, is amended by adding a new Code section to read as follows:

"48-7-40.29.

(a) As used in this Code section, the term:

(1) 'Qualified equipment' means energy efficient equipment or water efficient equipment.

(2) 'Energy efficient equipment' means all machinery and equipment certified pursuant to rules and regulations promulgated for purposes of this Code section by the commissioner, in consultation with the Department of Natural Resources, as effective in reducing business or domestic energy usage. Such certifications may include, by way of example and not limitation, any dishwasher, clothes washer, air conditioner, ceiling fan, fluorescent light bulb, dehumidifier, programmable thermostat, refrigerator, door, or window which has been designated by the United States Environmental Protection Agency and the United States Department of Energy as meeting or exceeding each such agency's energy saving efficiency requirements or which have been designated as meeting or exceeding such requirements under each such agency's Energy Star program.

(3) 'Water efficient equipment' means all machinery and equipment certified pursuant to rules and regulations promulgated for purposes of this Code section by the commissioner, in consultation with the Department of Natural Resources, as effective in reducing business or domestic water usage. Such certifications may include, by way of example and not limitation, any product used for the conservation or efficient use of water which has been designated by the United States Environmental Protection Agency as meeting or exceeding such agency's water saving efficiency requirements or which has been designated as meeting or exceeding such requirements under such agency's Water Sense program.

(b) Rules and regulations of the commissioner shall establish classifications or categories of qualified equipment, and no item of such qualified equipment shall be included in more than one classification or category for purposes of claiming a tax credit under this Code section. The commissioner, in consultation with the Department of Natural Resources, may take all reasonable and necessary steps to identify qualified equipment and to bring such equipment to the attention of businesses in this state qualified to install such equipment.

(c) After the effective date of this Code section, any taxpayer who is the ultimate purchaser of an item of qualified equipment for installation as part of new construction or for retrofit in this state shall be allowed a single credit against the tax imposed under this article in the taxable year in which such qualified equipment was placed in service. The amount of the credit allowed under this Code section shall be a percentage of the aggegrate cost of the qualified equipment to be fixed for each classification or category of such equipment by rules and regulations promulgated by the commissioner, in consultation with the Department of Natural Resources, not to exceed the lesser of 25 percent of the cost thereof or $2,500.00.

(d) The credit granted under subsection (c) of this Code section shall be subject to the following conditions and limitations:

(1) The utilization of the credit granted in this Code section shall have no effect on the taxpayer's ability to claim depreciation for tax purposes on assets acquired by the taxpayer, nor shall the credit have any effect on the taxpayer's basis in such assets for the purpose of depreciation; and

(2) Credits shall be granted under subsection (c) of this Code section only for those taxable years in which, and only to the extent that, federal funds granted to the state are made available for purposes of this Code section. If no federal funds are available for such purposes, no credit shall be granted under subsection (c) of this Code section."

SECTION 2.

This Act shall become effective only upon the date that federal funds granted to the state are made available for purposes of this Act.

SECTION 3.

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