HB 626 - Tax credits; certain businesses in less developed counties

First Reader Summary

A BILL to amend Code Section 48-7-40 of the Official Code of Georgia Annotated, relating to tax credits for business enterprises in less developed counties, so as to extend a certain tax exemption for certain businesses in less developed counties; and for other purposes.

Page Numbers - 1

HB 626                                             LC 18 8128 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Code Section 48-7-40 of the Official Code of 
  1- 2  Georgia Annotated, relating to tax credits for business 
  1- 3  enterprises in less developed counties, so as to extend a 
  1- 4  certain tax exemption for certain businesses in less 
  1- 5  developed counties; to provide an effective date; to repeal 
  1- 6  conflicting laws; and for other purposes. 
 
  1- 7       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1- 8                           SECTION 1. 
 
  1- 9  Code Section 48-7-40 of the Official Code of Georgia 
  1-10  Annotated, relating to tax credits for business enterprises 
  1-11  in less developed counties, is amended by striking in its 
  1-12  entirety subsection (i) and inserting in lieu thereof the 
  1-13  following: 
 
  1-14    "(i) Notwithstanding any provision of this Code section to 
  1-15    the contrary, in counties recognized and designated as 
  1-16    tier 1 the first through fortieth least developed counties 
  1-17    prior to January 1, 1994 in the tier 1 designation, job 
  1-18    tax credits shall be allowed as provided in this Code 
  1-19    section, in addition to business enterprises, to any 
  1-20    business of any nature for jobs created from January 1, 
  1-21    1993, through December 31, 1997." 
 
  1-22                           SECTION 2. 
 
  1-23  Notwithstanding any provisions of Code Section 1-3-4.1 of 
  1-24  the Official Code of Georgia Annotated to the contrary, this 
  1-25  Act shall become effective on July 1, 1997. 
 
  1-26                           SECTION 3. 
 
  1-27  All laws and parts of laws in conflict with this Act are 
  1-28  repealed. 
 
 
 
 
 
 
 
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