HB 151 - Income tax; certain businesses; job tax credits

First Reader Summary

A BILL to amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to imposition, rate, and computation of income taxes, so as to change certain provisions regarding tax credits for certain business enterprises in certain less developed areas and for certain manufacturing facilities or support facilities in tier 1 counties; and for other purposes.

Page Numbers - 1/ 2

Code Sections - 48-7-40.12

Recorded Votes

• Vote # 143 PASS 02/17/97

HB 151                                          LC 18 8055ERS 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Article 2 of Chapter 7 of Title 48 of the Official 
  1- 2  Code of Georgia Annotated, relating to imposition, rate, and 
  1- 3  computation of income taxes, so as to change certain 
  1- 4  provisions regarding tax credits for certain business 
  1- 5  enterprises in certain less developed areas and for certain 
  1- 6  manufacturing facilities or support facilities in tier 1 
  1- 7  counties; to authorize the claiming of such credits upon a 
  1- 8  calendar year basis for certain taxpayers; to provide an 
  1- 9  effective date; to repeal conflicting laws; and for other 
  1-10  purposes. 
 
  1-11       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1-12                           SECTION 1. 
 
  1-13  Article 2 of Chapter 7 of Title 48 of the Official Code of 
  1-14  Georgia Annotated, relating to imposition, rate, and 
  1-15  computation of income taxes, is amended by adding a new Code 
  1-16  section immediately following Code Section 48-7-40.11, to be 
  1-17  designated Code Section 48-7-40.12, to read as follows: 
 
  1-18    "48-7-40.12. 
 
  1-19    Notwithstanding any provision to the contrary of Code 
  1-20    Sections 48-7-40 and 48-7-40.1, business enterprises may 
  1-21    make a one-time election to calculate new full-time jobs 
  1-22    on a calendar year rather than a taxable year basis for 
  1-23    all jobs created during calendar year 1994 and thereafter 
  1-24    as compared against the preceding calendar year.  Such 
  1-25    one-time election may be made by claiming job tax credits 
  1-26    in connection with any 1995 state income tax return or 
  1-27    amended return that is filed after the effective date of 
  1-28    this Code section.  Such election will not change the 
  1-29    taxable year of the business enterprise." 
 
  1-30                           SECTION 2. 
 
  1-31  Notwithstanding any provision of Code Section 1-3-4.1 to the 
  1-32  contrary, this Act shall become effective upon its approval 
 
 
 
 
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  2- 1  by the Governor or upon its becoming law without such 
  2- 2  approval. 
 
  2- 3                           SECTION 3. 
 
  2- 4  All laws and parts of laws in conflict with this Act are 
  2- 5  repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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