HB 726 - Income tax credit; self-employed persons; health insurance

First Reader Summary

A BILL 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 a tax credit for certain amounts expended by self-employed individuals for health care insurance; and for other purposes.

Page Numbers - 1/ 2

Code Sections - 48-7-29.1

HB 726                                             LC 18 8175 
 
 
 
 
 
 
                        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 the imposition, rate, 
  1- 3  and computation of income tax, so as to provide for a tax 
  1- 4  credit for certain amounts expended by self-employed 
  1- 5  individuals for health care insurance; to provide for 
  1- 6  conditions, limitations, and exclusions; to provide for 
  1- 7  authority of the state revenue commissioner with respect to 
  1- 8  the foregoing; to provide an effective date; to provide for 
  1- 9  applicability; 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 the imposition, rate, and 
  1-15  computation of income tax, is amended by adding a new Code 
  1-16  section immediately following Code Section 48-7-29, to be 
  1-17  designated Code Section 48-7-29.1, to read as follows: 
 
  1-18    "48-7-29.1. 
 
  1-19    (a) A taxpayer who is a self-employed individual shall be 
  1-20    allowed a credit against the tax imposed by Code Section 
  1-21    48-7-20 in an amount equal to the amount expended by such 
  1-22    taxpayer for premiums for health care insurance for the 
  1-23    self-employed individual and the spouse and dependents of 
  1-24    such individual. 
 
  1-25    (b) In no event shall the amount of the tax credit exceed 
  1-26    the taxpayer's income tax liability.  Any unused tax 
  1-27    credit shall be allowed to be carried forward to apply to 
  1-28    the taxpayer's succeeding years' tax liability.  No such 
  1-29    tax credit shall be allowed the taxpayer against prior 
  1-30    years' tax liability. 
 
  1-31    (c) The commissioner shall promulgate any rules and 
  1-32    regulations necessary to implement and administer this 
  1-33    Code section." 
 
 
 
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  2- 1                           SECTION 2. 
 
  2- 2  This Act shall become effective on January 1, 1998, and 
  2- 3  shall be applicable to all taxable years beginning on or 
  2- 4  after January 1, 1998. 
 
  2- 5                           SECTION 3. 
 
  2- 6  All laws and parts of laws in conflict with this Act are 
  2- 7  repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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