HB982.html

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 an income tax credit for certain teachers or paraprofessionals with respect to qualified education expenses; to provide for conditions and limitations; to provide for powers, duties, and authority of the state revenue commissioner with respect to the foregoing; to provide an effective date; to repeal conflicting laws; and for other purposes.

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) 'Qualified education expense' means the expenditure of funds by the taxpayer for classroom supplies for classroom use which are approved by the principal of the public school.
(2) 'Taxpayer' means a person employed as a teacher or a paraprofessional in a public school system by a county or independent board of education in this state.
(b) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20 for qualified education expenses in an amount not to exceed 50 percent of the actual amount expended or $250.00, whichever is less.
(c) In no event shall the total amount of the tax credit under this Code section for a taxable year exceed the taxpayer´s income tax liability. Any unused tax credit shall be allowed the taxpayer against succeeding years´ tax liability. No such credit shall be allowed the taxpayer against prior years´ tax liability.
(d) The commissioner shall be authorized to promulgate any rules and regulations necessary to implement and administer the provisions of this Code section."