Bill Text: GA HB5 | 2009-2010 | Regular Session | Prefiled
Bill Title: Income tax credit; qualified ad valorem tax expenses; provisions
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2008-11-17 - House Prefiled [HB5 Detail]
Download: Georgia-2009-HB5-Prefiled.html
LC 18 7683
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia
Annotated, relating to the imposition, rate, and computation of income tax, so
as to provide for an income tax credit with respect to qualified ad valorem tax
expenses; to provide for a definition; to provide for conditions and
limitations; to provide for powers, duties, and authority of the state revenue
commissioner with respect to the foregoing; to provide an effective date; to
provide for applicability; 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 the imposition, rate, and computation of income tax, is amended by adding a
new Code section to read as follows:
"48-7-29.17.
(a)
As used in this Code section, the term 'qualified ad valorem tax expense' means
the expenditure of funds by the taxpayer for the payment of such taxpayer's
state and local ad valorem taxes on real property in the tax year for which the
credit under this Code section is claimed and allowed. Such qualified ad
valorem tax expenses shall not include ad valorem taxes with respect to any real
or personal property used for business or commercial purposes.
(b)
A taxpayer shall be allowed a credit against the tax imposed by Code Section
48-7-20 for qualified ad valorem tax expenses in an amount not to exceed the
actual amount expended.
(c)
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. No amount of unused
tax credit shall be allowed the taxpayer against succeeding years' tax
liabilities. No such tax credit shall be allowed the taxpayer against prior
years' tax liabilities.
(d)
In any tax year in which the commissioner determines that the aggregate amount
of state reserve funds is less than $500 million, no tax credit shall be claimed
or allowed under this Code section for that tax year.
(e)
The commissioner shall be authorized to promulgate any rules and regulations
necessary to implement and administer the provisions of this Code
section."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval and shall be applicable to all taxable years
beginning on or after January 1, 2010.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.