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| Georgia General Assembly |
HB229.html
House Bill
229
By: Representatives Reichert of the
126th, Walker of the 141st, Hanner of the
159th, Campbell of the 42nd, Shanahan of the
10th and others
A BILL TO BE
ENTITLED
AN ACT
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 income tax credits with respect
to qualified donations of real property for greenspace purposes; to provide for
definitions; to provide for conditions, limitations, and exclusions; to provide
for authority of the state revenue commissioner and the Department of Natural
Resources with respect to the foregoing; to provide an effective date; to
provide for applicability; to repeal conflicting laws; and for other
purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF
GEORGIA:
SECTION 1.
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, is amended by adding a new Code section immediately following Code Section
48-7-29.7, to be designated Code Section 48-7-29.8, to read as
follows:
"48-7-29.8.
(a)
As used in this Code section, the term:
(1) 'Greenspace
purposes' means real property which is suitable for and which will be used
for:
(A) Public beach access or
use;
(B) Public access to public waters or
trails;
(C) Fish and wildlife
conservation;
(D) Public
parks;
(E) Preservation of natural areas;
or
(F) Any other similar such
purpose.
(2) 'Qualified donation' means the fee simple
conveyance to the state, a county, or a municipality of 100 percent of all
right, title, and interest in the entire parcel of donated real property, which
donation is accepted by the state, county, or municipality. Any real property
which is otherwise required to be dedicated pursuant to local government
regulations or ordinances or to increase building density levels shall not be
eligible as a qualified donation under this Code
section.
(b) A taxpayer shall be allowed a state
income tax credit against the tax imposed by this chapter for each qualified
donation of real property for greenspace purposes, in an amount not to exceed 25
percent of the fair market value of the donated real property as established in
accordance with Chapter 5 of this title.
(c) No tax
credit shall be allowed under this Code section unless the taxpayer files with
the
taxpayer´s
income tax return a copy of a certification by the Department of Natural
Resources that the donated property is suitable for greenspace purposes. The
Department of Natural Resources shall promulgate any rules and regulations
necessary to implement and administer this
subsection.
(d) In no event shall the total amount of
any tax credit under this Code section for a taxable year exceed the
taxpayer´s
income tax liability. In no event shall the aggregate lifetime total amount of
the tax credit granted to a taxpayer under this Code section exceed $250,000.00.
Any unused tax credit shall be allowed to be carried forward to apply to the
taxpayer´s
succeeding
years´
tax liability. No such tax credit shall be allowed the taxpayer against prior
years´
tax liability.
(e) The commissioner shall promulgate
any rules and regulations necessary to implement and administer this Code
section."
SECTION 2.
This Act shall become effective on January 1, 2002, and
shall be applicable to all taxable years beginning on or after January 1, 2002.
SECTION 3.
All laws and parts of laws in conflict with this Act are
repealed.