| SB 519 - Elementary & Second.Ed.Assist. Corp. - when tax credit not allowed |
First Reader Summary
A bill to be entitled an Act to amend Chapter 2 of Title 20 of
the Official Code of Georgia Annotated, relating to elementary
and secondary education, so as to establish the Georgia
Elementary and Secondary Education Assistance Corporation; to
provide for the membership of the board of directors of such
corporation; 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 state income taxes, so as to provide for
a tax credit for contributions to the Georgia Elementary and
Secondary Education Assistance Corporation; to provide for
certain limitations on the tax credit; to provide for related
matters; to provide for an effective date and applicability; to
repeal conflicting laws; and for other purposes.
| Senate |
Action |
House |
| 3/1/00 |
Read 1st time |
|
SB 519 LC 27 1013
A BILL TO BE ENTITLED
AN ACT
1- 1 To amend Chapter 2 of Title 20 of the Official Code of
1- 2 Georgia Annotated, relating to elementary and secondary
1- 3 education, so as to establish the Georgia Elementary and
1- 4 Secondary Education Assistance Corporation; to provide for
1- 5 the membership of the board of directors of such
1- 6 corporation; to provide for the powers and duties of such
1- 7 corporation, including the power to collect private
1- 8 contributions and disburse such contributions in the form of
1- 9 vouchers which eligible students may use to pay tuition at
1-10 privately operated elementary and secondary schools in this
1-11 state; to require the corporation to maintain certain
1-12 accounting records; to provide for an annual audit of the
1-13 corporation; to amend Article 2 of Chapter 7 of Title 48 of
1-14 the Official Code of Georgia Annotated, relating to the
1-15 imposition, rate, and computation of state income taxes, so
1-16 as to provide for a tax credit for contributions to the
1-17 Georgia Elementary and Secondary Education Assistance
1-18 Corporation; to provide for certain limitations on the tax
1-19 credit; to provide for related matters; to provide for an
1-20 effective date and applicability; to repeal conflicting
1-21 laws; and for other purposes.
1-22 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
1-23 SECTION 1.
1-24 Chapter 2 of Title 20 of the Official Code of Georgia
1-25 Annotated, relating to elementary and secondary education,
1-26 is amended by adding at the end thereof a new article, to be
1-27 designated as Article 32, to read as follows:
1-28 20-2-2080.
1-29 The General Assembly finds that the children of low-income
1-30 families of this state can benefit academically from
1-31 attending privately operated elementary and secondary
1-32 schools and that many citizens and taxpayers of this state
1-33 are willing to make contributions to make such attendance
-1-
2- 1 possible. The General Assembly further finds that it is
2- 2 in the public interest to establish a nonprofit public
2- 3 corporation of this state to collect such private
2- 4 contributions and to disburse those private contributions
2- 5 in the form of vouchers which parents of such children can
2- 6 use at a private elementary or secondary school of their
2- 7 choice.
2- 8 20-2-2081.
2- 9 There is created a public authority, a body corporate and
2-10 politic, to be known as the Georgia Elementary and
2-11 Secondary Education Assistance Corporation, which shall be
2-12 deemed to be an instrumentality and a nonprofit public
2-13 corporation of the state.
2-14 20-2-2082.
2-15 The corporation shall be governed and all of its corporate
2-16 powers, duties, and functions shall be exercised by a
2-17 board of directors. On and after July 1, 2000, the board
2-18 of directors shall consist of one member from each
2-19 congressional district in the state. All members shall be
2-20 appointed by the Governor, subject to confirmation by the
2-21 Senate. The initial terms of members shall be as follows:
2-22 three members shall be appointed for terms ending July 1,
2-23 2001; three members shall be appointed for terms ending
2-24 July 1, 2002; three members shall be appointed for terms
2-25 ending July 1, 2003; and two members shall be appointed
2-26 for terms ending July 1, 2004. Thereafter, all members
2-27 appointed to the board of directors by the Governor shall
2-28 be appointed for terms of five years and until their
2-29 successors are appointed and qualified. In the event of a
2-30 vacancy during the term of any member by reason of death,
2-31 resignation, or otherwise, the appointment of a successor
2-32 by the Governor shall be for the remainder of the
2-33 unexpired term of such member.
2-34 20-2-2083.
2-35 The members of the board of directors shall receive no
2-36 compensation for their services but shall be entitled to
2-37 receive actual expenses incurred by them in the
2-38 performance of their duties. The expenses, including
2-39 mileage, shall be paid on the same basis as for state
2-40 officials and employees.
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3- 1 20-2-2084.
3- 2 The corporation shall establish and administer a program
3- 3 of vouchers for eligible students in accordance with this
3- 4 article, and, pursuant thereto, the corporation is
3- 5 authorized to:
3- 6 (1) Receive funds from any private source and to hold,
3- 7 use, administer, and expend such funds for the purpose
3- 8 of providing eligible students with vouchers to attend a
3- 9 private elementary or secondary school in this state
3-10 which does not discriminate on the basis of race, color,
3-11 gender, handicap, familial status, or national origin
3-12 and which meets the requirements of subsection (b) of
3-13 Code Section 20-2-690;
3-14 (2) Prescribe criteria for the eligibility of elementary
3-15 and secondary students who are citizens of this state to
3-16 receive vouchers based on income and academic
3-17 achievement;
3-18 (3) Keep and maintain, and require that schools at which
3-19 vouchers are redeemed keep and maintain, such records as
3-20 are determined by the corporation to be necessary for
3-21 the proper and efficient administration of the program;
3-22 (4)Enter into agreements as may be necessary or
3-23 appropriate in the exercise of its powers, duties, and
3-24 functions under this article; and
3-25 (5)Adopt bylaws and policies for the regulation of its
3-26 affairs and the conduct of its business.
3-27 20-2-2085.
3-28 The corporation shall maintain a system of accounts in
3-29 accordance with generally accepted accounting procedures
3-30 and standard accounting procedures and systems established
3-31 by the state, where applicable, which shall, among other
3-32 things, properly identify and account for all funds
3-33 received by the corporation, the source of such funds, and
3-34 all expenditures of the corporation. No funds of the
3-35 corporation which are received from private sources shall
3-36 lapse to the state as of the close of any fiscal year.
3-37 20-2-2086.
3-38 The state auditor shall make an annual financial audit of
3-39 the books, accounts, and records of the corporation. The
3-40 state auditor shall maintain a copy of the audit report on
3-41 file in his or her office, make copies of the report
-3-
4- 1 available for inspection by the general public, and
4- 2 furnish a copy of the report to the members of the board
4- 3 of directors of the corporation and to the Governor.
4- 4 20-2-2087.
4- 5 The corporation is assigned to the Department of
4- 6 Administrative Services for administrative purposes as
4- 7 provided in Code Section 50-4-3."
4- 8 SECTION 2.
4- 9 Article 2 of Chapter 7 of Title 48 of the Official Code of
4-10 Georgia Annotated, relating to the imposition, rate, and
4-11 computation of state income taxes, is amended by adding a
4-12 new Code section, to be designated as Code Section
4-13 48-7-40.17, to read as follows:
4-14 "48-7-40.17.
4-15 (a) As used in this Code section, the term 'qualified
4-16 contribution' means a cash contribution to the Georgia
4-17 Elementary and Secondary Education Assistance Corporation
4-18 established under Article 32 of Chapter 2 of Title 20.
4-19 (b) A taxpayer shall be allowed a credit against the tax
4-20 imposed by this article for a qualified contribution in an
4-21 amount not to exceed 100 percent of the total amount
4-22 contributed.
4-23 (c) In no event shall the amount of the tax credit exceed
4-24 $500.00 or the taxpayer's income tax liability, whichever
4-25 is less.
4-26 (d) Any unused tax credit claimed under this Code section
4-27 may be carried forward five years from the close of the
4-28 taxable year in which the qualified contribution was made.
4-29 (e) The tax credit shall not be allowed if the taxpayer
4-30 designates the taxpayer's qualified contribution for the
4-31 direct benefit of any dependent, dependent of an employee,
4-32 or employee of the taxpayer."
4-33 SECTION 3.
4-34 This Act shall become effective on July 1, 2000, and shall
4-35 apply to all taxable years beginning after December 31,
4-36 2000.
4-37 SECTION 4.
4-38 All laws and parts of laws in conflict with this Act are
4-39 repealed.
-4-
Secretary of the Senate
Frank Eldridge, Jr., Secretary
Last Updated on 05/15/00
