| HB 1509 - Income tax credits; less developed areas; amend provisions |
First Reader Summary
A BILL to amend Article 2 of Chapter 7 of Title 48 of the
Official Code of Georgia Annotated, relating to imposition, rate,
and computation of state income taxes, so as to revise and change
certain provisions regarding income tax credits for businesses
located in certain counties designated as less developed areas;
to provide for certain additional tax credits; to revise and
change certain provisions regarding income tax credits and
optional income tax credits for existing manufacturing and
telecommunications facilities or manufacturing and
telecommunications support facilities in tier 3 counties; and for
other purposes.
| House |
Action |
Senate |
| 2/16/00 |
Read 1st Time |
2/25/00 |
| 2/17/00 |
Read 2nd Time |
3/6/00 |
| 2/22/00 |
Favorably Reported |
3/3/00 |
| 2/24/00 |
Read 3rd Time |
3/13/00 |
| 2/24/00 |
Passed/Adopted |
3/13/00 |
| 3/27/00 |
Sent to Governor |
|
| 4/21/00 |
Signed by Governor |
|
| 683 |
Act/Veto Number |
|
| 1/1/01 |
Effective Date |
|
HB 1509 LC 18 0237-EC
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 imposition, rate, and
1- 3 computation of state income taxes, so as to revise and
1- 4 change certain provisions regarding income tax credits for
1- 5 businesses located in certain counties designated as less
1- 6 developed areas; to provide for certain additional tax
1- 7 credits; to revise and change certain provisions regarding
1- 8 income tax credits and optional income tax credits for
1- 9 existing manufacturing and telecommunications facilities or
1-10 manufacturing and telecommunications support facilities in
1-11 tier 3 counties; to revise and change certain provisions
1-12 regarding alternative income tax credits for base port
1-13 traffic increases; to provide for certain additional tax
1-14 credits; to provide for certain tax credits with respect to
1-15 certain establishment or relocation of business enterprise
1-16 headquarters; to provide for procedures, conditions, and
1-17 limitations; to provide for powers, duties, and authority of
1-18 the state revenue commissioner; to provide for an effective
1-19 date; to provide for applicability; to repeal conflicting
1-20 laws; and for other purposes.
1-21 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
1-22 SECTION 1.
1-23 Article 2 of Chapter 7 of Title 48 of the Official Code of
1-24 Georgia Annotated, relating to imposition, rate, and
1-25 computation of state income taxes, is amended by striking
1-26 Code Section 48-7-40, relating to income tax credits for
1-27 businesses located in certain counties designated as less
1-28 developed areas, and inserting in its place a new Code
1-29 Section 48-7-40 to read as follows:
1-30 "48-7-40.
1-31 (a) As used in this Code section, the term 'business
1-32 enterprise' means any business or the headquarters of any
1-33 such business which is engaged in manufacturing,
1-34 warehousing and distribution, processing,
-1-
2- 1 telecommunications, tourism, and research and development
2- 2 industries. Such term shall not include retail
2- 3 businesses.
2- 4 (b)(1) Not later than December 31 of each year, using
2- 5 the most current data available from the Department of
2- 6 Labor and the United States Department of Commerce, the
2- 7 commissioner of community affairs shall rank and
2- 8 designate as less developed areas all 159 counties in
2- 9 this state using a combination of the following equally
2-10 weighted factors:
2-11 (A) Highest unemployment rate for the most recent 36
2-12 month period;
2-13 (B) Lowest per capita income for the most recent 36
2-14 month period; and
2-15 (C) Highest percentage of residents whose incomes are
2-16 below the poverty level according to the most recent
2-17 data available; and. (D) Average weekly manufacturing wage according to the
2-19 most recent data available.
2-20 (2) Counties ranked and designated as the first through
2-21 fifty-third seventy-first least developed counties shall
2-22 be classified as tier 1, counties ranked and designated
2-23 as the fifty-fourth seventy-second through one hundred
2-24 sixth least developed counties shall be classified as
2-25 tier 2, and counties ranked and designated as the one
2-26 hundred seventh through one hundred fifty-ninth one
2-27 hundred forty-first least developed counties shall be
2-28 classified as tier 3, and counties ranked and designated
2-29 as the one hundred forty-second through one hundred
2-30 fifty-ninth least developed counties shall be classified
2-31 as tier 4.
2-32 (c) The commissioner of community affairs shall be
2-33 authorized to include in the tier 2 designation provided
2-34 for in subsection (b) of this Code section any tier 3
2-35 county which, in the opinion of the commissioner of
2-36 community affairs, undergoes a sudden and severe period of
2-37 economic distress caused by the closing of one or more
2-38 business enterprises located in such county. No
2-39 designation made pursuant to this subsection shall operate
2-40 to displace or remove any other county previously
2-41 designated as a tier 2 county.
-2-
3- 1 (c.1) The commissioner of community affairs shall be
3- 2 authorized to include in the tier 1 designation provided
3- 3 for in subsection (b) of this Code section any tier 2
3- 4 county which, in the opinion of the commissioner of
3- 5 community affairs, undergoes a sudden and severe period of
3- 6 economic distress caused by the closing of one or more
3- 7 business enterprises located in such county. No
3- 8 designation made pursuant to this subsection shall operate
3- 9 to displace or remove any other county previously
3-10 designated as a tier 1 county.
3-11 (d) For business enterprises which plan a significant
3-12 expansion in their labor forces, the commissioner of
3-13 community affairs shall prescribe redesignation procedures
3-14 to ensure that the business enterprises can claim credits
3-15 in future years without regard to whether or not a
3-16 particular county is reclassified in a different tier.
3-17 (e) Business enterprises in counties designated by the
3-18 commissioner of community affairs as tier 1 counties shall
3-19 be allowed a job tax credit for taxes imposed under this
3-20 article equal to $2,500.00 $3,500.00 annually, business
3-21 per eligible new full-time employee job; provided,
3-22 however, that where the amount of such credit exceeds a
3-23 business enterprise's liability for such taxes in a
3-24 taxable year, the excess may be taken as a credit against
3-25 such business enterprise's quarterly or monthly payment
3-26 under Code Section 48-7-103 but not to exceed in any one
3-27 taxable year $3,500.00 for each new full-time employee job
3-28 when aggregated with the credit applied against taxes
3-29 under this article. Each employee whose employer receives
3-30 credit against such business enterprise's quarterly or
3-31 monthly payment under Code Section 48-7-103 shall receive
3-32 credit against his or her income tax liability under Code
3-33 Section 48-7-20 for the corresponding taxable year for the
3-34 full amount which would be credited against such liability
3-35 prior to the application of the credit provided for in
3-36 this subsection. Credits against quarterly or monthly
3-37 payments under Code Section 48-7-103 and credits against
3-38 liability under Code Section 48-7-20 established by this
3-39 subsection shall not constitute income to the taxpayer.
3-40 Business enterprises in counties designated by the
3-41 commissioner of community affairs as tier 2 counties shall
3-42 be allowed a job tax credit for taxes imposed under this
3-43 article equal to $1,500.00 $2,500.00 annually, and
3-44 business enterprises in counties designated by the
3-45 commissioner of community affairs as tier 3 counties shall
-3-
4- 1 be allowed a job tax credit for taxes imposed under this
4- 2 article equal to $500.00 $1,250.00 annually, and business
4- 3 enterprises in counties designated by the commissioner of
4- 4 community affairs as tier 4 counties shall be allowed a
4- 5 job tax credit for taxes imposed under this article equal
4- 6 to $750.00 annually for each new full-time employee job
4- 7 for five years beginning with years two through six after
4- 8 the creation of the job. The number of new full-time jobs
4- 9 shall be determined by comparing the monthly average
4-10 number of full-time employees subject to Georgia income
4-11 tax withholding for the taxable year with the
4-12 corresponding period of the prior taxable year. In tier 1
4-13 counties, only those business enterprises that increase
4-14 employment by five or more shall be eligible for the
4-15 credit. In tier 2 counties, only those business
4-16 enterprises that increase employment by 15 ten or more
4-17 shall be eligible for the credit. In tier 3 counties,
4-18 only those business enterprises that increase employment
4-19 by 25 15 or more shall be eligible for the credit. In
4-20 tier 4 counties, only those business enterprises that
4-21 increase employment by 25 or more shall be eligible for
4-22 the credit. In tier 1 counties, the average wage of the
4-23 new jobs created must be above the average wage of the
4-24 county where the new jobs are located to qualify as
4-25 reported in the most recently available annual issue of
4-26 the Georgia Employment and Wages Averages Report of the
4-27 Department of Labor. In tier 2 counties, the average wage
4-28 of the new jobs created must be 5 percent above the
4-29 average wage of the county where the new jobs are located
4-30 to qualify as reported in the most recently available
4-31 annual issue of the Georgia Employment and Wages Averages
4-32 Report of the Department of Labor. In tier 3 counties,
4-33 the average wage of the new jobs created must be 10
4-34 percent above the average wage of the county where the new
4-35 jobs are located to qualify as reported in the most
4-36 recently available annual issue of the Georgia Employment
4-37 and Wages Averages Report of the Department of Labor. In
4-38 tier 4 counties, the average wage of the new jobs created
4-39 must be 15 percent above the average wage of the county
4-40 where the new jobs are located to qualify as reported in
4-41 the most recently available annual issue of the Georgia
4-42 Employment and Wages Averages Report of the Department of
4-43 Labor. To qualify for a credit under this subsection, the
4-44 employer must make health insurance coverage available to
4-45 the employee filling the new full-time job; provided,
4-46 however, that nothing in this subsection shall be
-4-
5- 1 construed to require the employer to pay for all or any
5- 2 part of health insurance coverage for such an employee in
5- 3 order to claim the credit provided for in this subsection
5- 4 if such employer does not pay for all or any part of
5- 5 health insurance coverage for other employees. Credit
5- 6 shall not be allowed during a year if the net employment
5- 7 increase falls below the number required in such tier.
5- 8 Any credit received for years prior to the year in which
5- 9 the net employment increase falls below the number
5-10 required in such tier shall not be affected. The state
5-11 revenue commissioner shall adjust the credit allowed each
5-12 year for net new employment fluctuations above the minimum
5-13 level of the number required in such tier.
5-14 (f) Tax credits for five years for the taxes imposed under
5-15 this article shall be awarded for additional new full-time
5-16 jobs created by business enterprises qualified under
5-17 subsection (b) or, (c), or (c.1) of this Code section.
5-18 Additional new full-time jobs shall be determined by
5-19 subtracting the highest total employment of the business
5-20 enterprise during years two through six, or whatever
5-21 portion of years two through six which has been completed,
5-22 from the total increased employment. The state revenue
5-23 commissioner shall adjust the credit allowed in the event
5-24 of employment fluctuations during the additional five
5-25 years of credit.
5-26 (g) The sale, merger, acquisition, or bankruptcy of any
5-27 business enterprise shall not create new eligibility in
5-28 any succeeding business entity, but any unused job tax
5-29 credit may be transferred and continued by any transferee
5-30 of the business enterprise. The commissioner of community
5-31 affairs shall determine whether or not qualifying net
5-32 increases or decreases have occurred and may require
5-33 reports, promulgate regulations, and hold hearings as
5-34 needed for substantiation and qualification.
5-35 (h) Any credit claimed under this Code section but not
5-36 used in any taxable year may be carried forward for ten
5-37 years from the close of the taxable year in which the
5-38 qualified jobs were established, but in tiers 3 and 4 the
5-39 credit established by this Code section taken in any one
5-40 taxable year shall be limited to an amount not greater
5-41 than 50 percent of the taxpayer's state income tax
5-42 liability which is attributable to income derived from
5-43 operations in this state for that taxable year. In tier 1
5-44 and 2 counties, the credit allowed under this Code section
-5-
6- 1 against taxes imposed under this article in any taxable
6- 2 year shall be limited to an amount not greater than 100
6- 3 percent of the taxpayer's state income tax liability
6- 4 attributable to income derived from operations in this
6- 5 state for such taxable year.
6- 6 (i) Notwithstanding any provision of this Code section to
6- 7 the contrary, in counties recognized and designated as the
6- 8 first through fortieth least developed counties in the
6- 9 tier 1 designation, job tax credits shall be allowed as
6-10 provided in this Code section, in addition to business
6-11 enterprises, to any business of any nature.
6-12 (j) The commissioner may require such reports, promulgate
6-13 such regulations, and gather such relevant data necessary
6-14 and advisable for the evaluation of the job tax credits
6-15 established by this Code section."
6-16 SECTION 2.
6-17 Said article is further amended by striking subsections (b)
6-18 and (e) of Code Section 48-7-40.1, relating to tax credits
6-19 for business enterprises in less developed areas, and
6-20 inserting in their place new subsections (b) and (e),
6-21 respectively, to read as follows:
6-22 "(b) Not later than December 31 of each year, using the
6-23 most current data available from the Department of Labor
6-24 and the United States Department of Commerce, the
6-25 commissioner of community affairs shall rank and designate
6-26 as less developed areas the areas which are comprised of
6-27 ten or more contiguous census tracts in this state using a
6-28 combination of the following equally weighted factors:
6-29 (1) Highest unemployment rate for the most recent 36
6-30 month period;
6-31 (2) Lowest per capita income for the most recent 36
6-32 month period; and
6-33 (3) Highest percentage of residents whose income is
6-34 below the poverty level according to the most recent
6-35 data available."
6-36 "(e) Business enterprises in areas designated by the
6-37 commissioner of community affairs as less developed areas
6-38 shall be allowed a job tax credit for taxes imposed under
6-39 this article equal to $2,500.00 $3,500.00 annually for
6-40 each new full-time employee job for five years beginning
6-41 with years two through six after the creation of the job.
-6-
7- 1 per eligible new full-time employee job for five years
7- 2 beginning with years two through six after the creation of
7- 3 such job; provided, however, that where the amount of such
7- 4 credit exceeds 50 percent of a business enterprise's
7- 5 liability for such taxes in a taxable year, the excess may
7- 6 be taken as a credit against such business enterprise's
7- 7 quarterly or monthly payment under Code Section 48-7-103
7- 8 but not to exceed in any one taxable year $3,500.00 for
7- 9 each new full-time employee job when aggregated with the
7-10 credit applied against taxes under this article. Each
7-11 employee whose employer receives credit against such
7-12 business enterprise's quarterly or monthly payment under
7-13 Code Section 48-7-103 shall receive credit against his or
7-14 her income tax liability under Code Section 48-7-20 for
7-15 the corresponding taxable year for the full amount which
7-16 would be credited against such liability prior to the
7-17 application of the credit provided for in this subsection.
7-18 Credits against quarterly or monthly payments under Code
7-19 Section 48-7-103 and credits against liability under Code
7-20 Section 48-7-20 established by this subsection shall not
7-21 constitute income to the taxpayer. The number of new
7-22 full-time jobs shall be determined by comparing the
7-23 monthly average number of full-time employees subject to
7-24 Georgia income tax withholding for the taxable year with
7-25 the corresponding period of the prior taxable year. Only
7-26 those business enterprises that increase employment by
7-27 five or more in a less developed area shall be eligible
7-28 for the credit. In addition, not less than 30 percent of
7-29 such new full-time jobs must be held by a resident of the
7-30 less developed area for which the credit is sought or
7-31 another such designated less developed area. Credit shall
7-32 not be allowed during a year if the net employment
7-33 increase falls below five. Any credit received for years
7-34 prior to the year in which the net employment increase
7-35 falls below five shall not be affected. The state revenue
7-36 commissioner shall adjust the credit allowed each year for
7-37 net new employment fluctuations above the minimum level of
7-38 five."
7-39 SECTION 3.
7-40 Said article is further amended by striking subsection (b)
7-41 of Code Section 48-7-40.4, relating to income tax credits
7-42 for existing manufacturing and telecommunications facilities
7-43 or manufacturing and telecommunications support facilities
7-44 in tier 3 counties, and inserting in its place a new
7-45 subsection (b) to read as follows:
-7-
8- 1 "(b) In the case of a taxpayer which has operated for the
8- 2 immediately preceding three years an existing
8- 3 manufacturing or telecommunications facility or
8- 4 manufacturing or telecommunications support facility in
8- 5 this state in a tier 3 or a tier 4 county designated
8- 6 pursuant to Code Section 48-7-40, there shall be allowed a
8- 7 credit against the tax imposed under this article in an
8- 8 amount equal to 1 percent of the cost of all qualified
8- 9 investment property purchased or acquired by the taxpayer
8-10 in such year, subject to the conditions and limitations
8-11 set forth in this Code section. In the event such
8-12 qualified investment property purchased or acquired by the
8-13 taxpayer in such year consists of recycling machinery or
8-14 equipment, a recycling manufacturing facility, pollution
8-15 control or prevention machinery or equipment, a pollution
8-16 control or prevention facility, or the conversion from
8-17 defense to domestic production, the amount of such credit
8-18 shall be equal to 3 percent."
8-19 SECTION 4.
8-20 Said article is further amended by striking subsection (b)
8-21 of Code Section 48-7-40.9, relating to optional tax credits
8-22 for existing manufacturing and telecommunications facilities
8-23 or manufacturing and telecommunications support facilities
8-24 in tier 3 counties, and inserting in its place a new
8-25 subsection (b) to read as follows:
8-26 "(b) In the case of a taxpayer which has operated for the
8-27 immediately preceding three years an existing
8-28 manufacturing or telecommunications facility or
8-29 manufacturing or telecommunications support facility and
8-30 which first places in service during a taxable year
8-31 qualified investment property in this state in a tier 3 or
8-32 a tier 4 county designated pursuant to Code Section
8-33 48-7-40, there shall be allowed an optional credit against
8-34 the tax imposed under this article for the ensuing ten
8-35 taxable years following the taxable year the qualified
8-36 investment property was first placed in service, provided
8-37 that such qualified investment property remains in
8-38 service. Such optional credit shall be at the irrevocable
8-39 election of the taxpayer and shall be in lieu of the
8-40 credit under Code Section 48-7-40.4. No taxpayer who
8-41 claims the credit under Code Section 48-7-40.4 for any
8-42 taxable year for a given project shall be eligible to
8-43 receive the credit under this Code section with respect to
8-44 the same project for any taxable year. The aggregate
-8-
9- 1 amount of the credit allowed under this Code section shall
9- 2 equal 6 percent of the cost of all qualified investment
9- 3 property purchased or acquired by the taxpayer and first
9- 4 placed in service during a taxable year. The annual
9- 5 amount of such credit shall be computed as follows:
9- 6 (1) The taxable year in which such qualified investment
9- 7 property is first placed in service shall be the base
9- 8 year for purposes of calculating the credit provided for
9- 9 by this Code section;
9-10 (2) The amount of tax owed by the taxpayer for the base
9-11 year and for each of the two immediately preceding
9-12 taxable years shall be determined without regard to any
9-13 credits and shall be added together and divided by
9-14 three. The resulting figure shall be the base year
9-15 average; and
9-16 (3) The credit available to the taxpayer to apply
9-17 against the tax liability of any year following the base
9-18 year but no later than the tenth year shall be the
9-19 lesser of the following amounts:
9-20 (A) Ninety percent of the excess of the tax of the
9-21 applicable year determined without regard to any
9-22 credits over the base year average; or
9-23 (B) The excess of the aggregate amount of the credit
9-24 allowed for the qualified investment property over the
9-25 sum of the amounts of credit already used in the years
9-26 following the base year."
9-27 SECTION 5.
9-28 Said article is further amended by striking subsection (b)
9-29 of Code Section 48-7-40.15, relating to alternative income
9-30 tax credits for base port traffic increases, and inserting
9-31 in its place a new subsection (b) to read as follows:
9-32 "(b)(1) In the case of any business enterprise which has
9-33 increased its port traffic of products during the
9-34 previous 12 month period by more than 10 percent above
9-35 its base year port traffic and is qualified to claim a
9-36 job tax credit under Code Section 48-7-40 for jobs added
9-37 at any time between January 1, 1998, and July 1, 2002,
9-38 there shall be allowed a allowed an additional $500.00
9-39 job tax credit against the tax imposed under this
9-40 article as follows:. (A) Business enterprises in counties designated by the
10- 2 commissioner of community affairs as tier 1 counties
10- 3 shall be allowed a job tax credit for taxes imposed
10- 4 under this article equal to $3,500.00 annually; (B) Business enterprises in counties designated by the
10- 6 commissioner of community affairs as tier 2 counties
10- 7 shall be allowed a job tax credit for taxes imposed
10- 8 under this article equal to $3,000.00 annually; and (C) Business enterprises in counties designated by the
10-10 commissioner of community affairs as tier 3 counties
10-11 shall be allowed a job tax credit for taxes imposed
10-12 under this article equal to $2,500.00.
10-13 (2) The tax credit described in this subsection shall be
10-14 allowed subject to the conditions and limitations set
10-15 forth in Code Section 48-7-40 and shall be in lieu of
10-16 and not in addition to the credit allowed under Code
10-17 Section 48-7-40; provided, however, such credit shall
10-18 not be allowed during a year if the port traffic does
10-19 not remain above the minimum level established in this
10-20 Code section."
10-21 SECTION 6.
10-22 Said article is further amended by adding a new Code section
10-23 immediately following Code Section 48-7-40.16, to be
10-24 designated Code Section 48-7-40.17, to read as follows:
10-25 "48-7-40.17.
10-26 (a) As used in this Code section, the term:
10-27 (1) 'Average wage' means the average wage of the county
10-28 in which a full-time job is located as reported in the
10-29 most recently available annual issue of the Georgia
10-30 Employment and Wages Averages Report of the Department
10-31 of Labor.
10-32 (2) 'Full-time job' means employment for an individual
10-33 which:
10-34 (A) Is located at a headquarters;
10-35 (B) Has a regular work week of 30 hours or more;
10-36 (C) Pays at or above:
10-37 (i) In tier 1 counties, the average wage of the
10-38 county in which it is located;
-10-
11- 1 (ii) In tier 2 counties, 105 percent of the average
11- 2 wage of the county in which it is located;
11- 3 (iii) In tier 3 counties, 110 percent of the average
11- 4 wage of the county in which it is located; and
11- 5 (iv) In tier 4 counties, 115 percent of the average
11- 6 wage of the county in which it is located; and
11- 7 (D) Has no predetermined end date.
11- 8 (3) 'Headquarters' means the principal central
11- 9 administrative office of a taxpayer.
11-10 (4) 'Tier' means a tier as designated pursuant to Code
11-11 Section 48-7-40, as amended.
11-12 (b) A taxpayer establishing its headquarters in this state
11-13 or relocating its headquarters into this state which:
11-14 (1) Within one year of the first date on which it
11-15 withholds wages for employees at such headquarters
11-16 pursuant to the provisions of Code Section 48-7-101
11-17 employs at least 100 persons in new full-time jobs at
11-18 such headquarters;
11-19 (2) Prior to one year from the first date on which it
11-20 withholds wages for employees at such headquarters
11-21 pursuant to the provisions of Code Section 48-7-101
11-22 incurs within the state a minimum of $1 million in
11-23 construction, renovation, leasing, or other costs
11-24 related to such establishment or relocation; and
11-25 (3) Elects not to receive the tax credits provided for
11-26 by Code Sections 48-7-40, 48-7-40.1, 48-7-40.2,
11-27 48-7-40.3, 48-7-40.4, 48-7-40.7, 48-7-40.8, and
11-28 48-7-40.9 for such jobs
11-29 shall be allowed a credit for taxes imposed under this
11-30 article equal to $2,500.00 annually per eligible new
11-31 full-time job, or $5,000.00 if the average wage of the new
11-32 full-time jobs created is 200 percent or more of the
11-33 average wage of the county in which such jobs are located
11-34 per eligible new full-time job; provided, however, that
11-35 where the amount of such credit exceeds a taxpayer's
11-36 liability for such taxes in a taxable year, the excess may
11-37 be taken as a credit against such taxpayer's quarterly or
11-38 monthly payment under Code Section 48-7-103 but not to
11-39 exceed in any one taxable year $2,500.00 annually per
11-40 eligible new full-time job, or $5,000.00 if the average
11-41 wage of the new full-time jobs created is 200 percent or
-11-
12- 1 more of the average wage of the county in which such jobs
12- 2 are located for each new full-time job when aggregated
12- 3 with the credit applied against taxes under this article.
12- 4 Each employee whose employer receives credit against such
12- 5 taxpayer's quarterly or monthly payment under Code Section
12- 6 48-7-103 shall receive credit against his or her income
12- 7 tax liability under Code Section 48-7-20 for the
12- 8 corresponding taxable year for the full amount which would
12- 9 be credited against such liability prior to the
12-10 application of the credit provided for in this subsection.
12-11 Credits against quarterly or monthly payments under Code
12-12 Section 48-7-103 and credits against liability under Code
12-13 Section 48-7-20 established by this subsection shall not
12-14 constitute income to the taxpayer. The credit established
12-15 by this subsection may be taken for the first taxable year
12-16 in which the taxpayer first becomes eligible for such
12-17 credit and for the four immediately succeeding taxable
12-18 years, and the taxpayer shall thereafter be ineligible for
12-19 such credit.
12-20 (c) Any credit claimed under this Code section but not
12-21 used in any taxable year may be carried forward for ten
12-22 years from the close of the taxable year in which the
12-23 qualified jobs were established.
12-24 (d) The commissioner shall promulgate any rules and
12-25 regulations necessary to implement and administer this
12-26 Code section."
12-27 SECTION 7.
12-28 This Act shall become effective on January 1, 2001, and
12-29 shall be applicable to all taxable years beginning on or
12-30 after that date.
12-31 SECTION 8.
12-32 All laws and parts of laws in conflict with this Act are
12-33 repealed.
-12-
Clerk of the House
Robert E. Rivers, Jr., Clerk
Last Updated on 04/27/00
