| HB 1329 - Taxable net income; exclude disaster funds; certain tax credit |
First Reader Summary
A BILL to amend Chapter 7 of Title 48 of the Official Code of
Georgia Annotated, relating to income taxes, so as to provide
that Georgia taxable net income of an individual taxpayer shall
not include income which consists of disaster funds, assistance,
or benefits received or recovered from GEMA or FEMA; to provide
for a tax credit with respect to certain disaster assistance; and
for other purposes.
| House |
Action |
Senate |
| 2/3/00 |
Read 1st Time |
|
| 2/4/00 |
Read 2nd Time |
|
HB 1329 LC 18 0025
A BILL TO BE ENTITLED
AN ACT
1- 1 To amend Chapter 7 of Title 48 of the Official Code of
1- 2 Georgia Annotated, relating to income taxes, so as to
1- 3 provide that Georgia taxable net income of an individual
1- 4 taxpayer shall not include income which consists of disaster
1- 5 funds, assistance, or benefits received or recovered from
1- 6 GEMA or FEMA; to provide for a tax credit with respect to
1- 7 certain disaster assistance; to provide for conditions and
1- 8 limitation; to provide for powers, duties, and authority of
1- 9 the state revenue commissioner with respect to the
1-10 foregoing; to provide an effective date; to provide for
1-11 applicability; to repeal conflicting laws; and for other
1-12 purposes.
1-13 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
1-14 SECTION 1.
1-15 Chapter 7 of Title 48 of the Official Code of Georgia
1-16 Annotated, relating to income taxes, is amended in
1-17 subsection (a) of Code Section 48-7-27, relating to
1-18 computation of taxable net income of individuals, by
1-19 striking "and" at the end of paragraph (9), by striking the
1-20 period at the end of paragraph (10) and inserting in its
1-21 place "; and", and by adding a new paragraph immediately
1-22 following paragraph (10) to be designated paragraph (11) to
1-23 read as follows:
1-24 "(11) Any income of a taxpayer which consists of
1-25 disaster funds, assistance, or benefits received or
1-26 recovered from the Georgia Emergency Management Agency
1-27 or the Federal Emergency Management Agency."
1-28 SECTION 2.
1-29 Said chapter is further amended by adding a new Code section
1-30 immediately following Code Section 48-7-29.3, to be
1-31 designated Code Section 48-7-29.4 to read as follows:
-1-
2- 1 "48-7-29.4.
2- 2 (a) A taxpayer who receives disaster assistance during a
2- 3 taxable year from the Georgia Emergency Management Agency
2- 4 or the Federal Emergency Management Agency shall be
2- 5 allowed a credit against the tax imposed by Code Section
2- 6 48-7-20 in an amount not to exceed $500.00. The
2- 7 commissioner may require adequate supporting documentation
2- 8 showing that the taxpayer received such assistance.
2- 9 (b) In no event shall the total amount of the tax credit
2-10 under this Code section for a taxable year exceed the
2-11 taxpayer's income tax liability. Any unused tax credit
2-12 shall be allowed the taxpayer against succeeding years'
2-13 tax liability. No such credit shall be allowed the
2-14 taxpayer against prior years' tax liability.
2-15 (c) The commissioner shall be authorized to promulgate any
2-16 rules and regulations necessary to implement and
2-17 administer the provisions of this Code section."
2-18 SECTION 3.
2-19 This Act shall become effective on January 1, 2001, and
2-20 shall be applicable to all taxable years beginning on or
2-21 after January 1, 2001.
2-22 SECTION 4.
2-23 All laws and parts of laws in conflict with this Act are
2-24 repealed.
-2-
Clerk of the House
Robert E. Rivers, Jr., Clerk
Last Updated on 02/17/00
