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HB 96 - Income tax credit; certain disaster assistance

Jenkins, Curtis S (110th)	Royal, A. Richard (164th)	Holland, Ray (157th)
Heard, Keith G (89th)	Graves, David B (125th)	Rogers, Carl (20th)

Status Summary	HC:	W&M	SC:		FR:	01/14/99	LA:	01/15/99	H - Read 2nd Time

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 certain disaster assistance; and for other purposes.

Code Sections - 48-7-29.3

HB 96                                              LC 18 9181 
 
 
 
 
 
 
                        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 certain disaster assistance; to 
  1- 5  provide for conditions and limitations; to provide for 
  1- 6  powers, duties, and authority of the state revenue 
  1- 7  commissioner with respect to the foregoing; to provide an 
  1- 8  effective date; to provide for applicability; to repeal 
  1- 9  conflicting laws; and for other purposes. 
 
  1-10       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1-11                           SECTION 1. 
 
  1-12  Article 2 of Chapter 7 of Title 48 of the Official Code of 
  1-13  Georgia Annotated, relating to the imposition, rate, and 
  1-14  computation of income tax, is amended by adding a new Code 
  1-15  section immediately following Code Section 48-7-29.2, to be 
  1-16  designated Code Section 48-7-29.3 to read as follows: 
 
  1-17    "48-7-29.3. 
 
  1-18    (a) A taxpayer who receives disaster assistance during a 
  1-19    taxable year from the Georgia Emergency Management Agency 
  1-20    or the Federal Emergency Management Agency shall be 
  1-21    allowed a credit against the tax imposed by Code Section 
  1-22    48-7-20 in an amount not to exceed $500.00. The 
  1-23    commissioner may require adequate supporting documentation 
  1-24    showing that the taxpayer received such assistance. 
 
  1-25    (b) In no event shall the total amount of the tax credit 
  1-26    under this Code section for a taxable year exceed the 
  1-27    taxpayer's income tax liability.  Any unused tax credit 
  1-28    shall be allowed the taxpayer against succeeding years' 
  1-29    tax liability.  No such credit shall be allowed the 
  1-30    taxpayer against prior years' tax liability. 
 
  1-31    (c) The commissioner shall be authorized to promulgate any 
  1-32    rules and regulations necessary to implement and 
  1-33    administer the provisions of this Code section." 
 
 
 
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  2- 1                           SECTION 2. 
 
  2- 2  This Act shall become effective on January 1, 2000, and 
  2- 3  shall be applicable to all taxable years beginning on or 
  2- 4  after January 1, 2000. 
 
  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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