HB549.html

To amend Chapter 18 of Title 48 of the Official Code of Georgia Annotated, relating to state insurance premium tax credits with respect to certified capital companies, so as to provide for delayed implementation of such provisions; to provide an effective date; to repeal conflicting laws; and for other purposes.

Chapter 18 of Title 48 of the Official Code of Georgia Annotated, relating to state insurance premium tax credits with respect to certified capital companies, is amended by striking subsection (a) of Code Section 48_18_3, relating to investments of certified capital and premium tax credits, and inserting in its place a new subsection (a) to read as follows:
"(a) Any certified investor who makes an investment of certified capital pursuant to an allocation of tax credits under Code Section 48_18_4 shall, in the year of investment, earn a vested credit against state premium tax liability equal to 100 percent of the certified investor´s investment of certified capital. After ~~July 1, 2005~~ January 1, 2007, a certified investor shall be entitled to take up to 10 percent of such vested tax credits in any taxable year to reduce the certified investor´s state premium tax liability for such taxable year of the certified investor, plus up to 10 percent of the original amount of any tax credits some or all of which was carried forward unused pursuant to subsection (b) of this Code section; provided, however, that, in the event that a certified investor is unable under the provisions of this Code section to utilize the full 10 percent allowable under the provisions of this subsection for a taxable year, the remainder of such 10 percent may be taken in a future tax year without regard to the annual limitations of this subsection."