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HB 147 - Income tax; certain transportation fringe benefits; tax credit

Buck, III, Thomas B (135th)	Jamieson, Mary Jeanette (22nd)	Connell, Jack (115th)
Ashe, Kathy B (46th)	Hugley, Carolyn F (133rd)

Status Summary	HC:	W&M	SC:	F&PU	FR:	01/15/99	LA:	04/28/99	Signed by Governor

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 with respect to federal qualified transportation fringe benefits; and for other purposes.

Code Sections - 48-7-29.3

HB 147                                            LC 18 9373S 
 
 
 
 
 
 
                        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 with respect to federal qualified transportation 
  1- 5  fringe benefits; to provide for a definition; 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 48-7-29.2, to be 
  1-17  designated Code Section 48-7-29.3, to read as follows: 
 
  1-18    "48-7-29.3. 
 
  1-19    (a) As used in this Code section, the term 'federal 
  1-20    qualified transportation fringe benefit' means only the 
  1-21    following transportation benefits provided by an employer 
  1-22    to any employee as provided in Section 132(f) of the 
  1-23    Internal Revenue Code of 1986, as amended: 
 
  1-24      (1) Transportation in a commuter highway vehicle if such 
  1-25      transportation is in connection with travel between the 
  1-26      employee's residence and place of employment; 
 
  1-27      (2) Any transit pass; 
 
  1-28      (3) Qualified parking on or near a location from which 
  1-29      the employee commutes to work by transportation 
  1-30      described in paragraph (1) of this subsection, in a 
  1-31      commuter highway vehicle, or by carpool.  Qualified 
  1-32      parking shall not include parking provided to an 
  1-33      employee on or near the business premises of the 
 
 
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  2- 1      employer and shall not include any parking on or near 
  2- 2      property used by the employee for residential purposes. 
 
  2- 3    (b) A taxpayer shall be allowed a state income tax credit 
  2- 4    against the tax imposed by this chapter for any federal 
  2- 5    qualified transportation fringe benefit provided by the 
  2- 6    taxpayer to an employee which benefit is in addition to 
  2- 7    and not in lieu of compensation otherwise payable to the 
  2- 8    employee, in an amount equal to the $25.00 per employee 
  2- 9    receiving such benefit; provided, however, that in no 
  2-10    event shall the total amount of such tax credit exceed the 
  2-11    annual amount expended by such employer in providing such 
  2-12    federal qualified transportation fringe benefits to such 
  2-13    employees. 
 
  2-14    (c) In no event shall the total amount of the tax credit 
  2-15    under this Code section for a taxable year exceed the 
  2-16    taxpayer's income tax liability.  Any unused tax credit 
  2-17    shall be allowed to be carried forward to apply to the 
  2-18    taxpayer's next three succeeding years' tax liability.  No 
  2-19    such tax credit shall be allowed the taxpayer against 
  2-20    prior years' tax liability. 
 
  2-21    (d) The commissioner shall promulgate any rules and 
  2-22    regulations necessary to implement and administer this 
  2-23    Code section.  Such rules and regulations shall include, 
  2-24    but not be limited to, a minimum required usage of ten 
  2-25    workdays per month of the federal qualified transportation 
  2-26    fringe benefit provided to the employee in order to obtain 
  2-27    the credit authorized under this Code section." 
 
  2-28                           SECTION 2. 
 
  2-29  This Act shall become effective on January 1, 2001, and 
  2-30  shall be applicable to all taxable years beginning on or 
  2-31  after January 1, 2001. 
 
  2-32                           SECTION 3. 
 
  2-33  All laws and parts of laws in conflict with this Act are 
  2-34  repealed. 
 
 
 
 
 
 
 
 
 
 
 
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