hb1275_LC_18_7199_a_2.html
08 LC 18 7199
House Bill 1275
By: Representatives Reese of the 98th, Rogers of the 26th, Smith of the 70th, Smith of the 129th, and Lunsford of the 110th

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 an income tax credit with respect to qualified water harvesting expenses; to provide for definitions; 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 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 to read as follows:
"48-7-29.13.
(a) As used in this Code section, the term 'qualified water harvesting expense' means the expenditure of funds by the taxpayer for a water harvesting or water capturing system installed in the taxpayer´s residence or business after January 1, 2008, in the tax year for which the credit under this Code section is claimed and allowed.
(b) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20 or 48-7-21 for qualified water harvesting expenses in an amount not to exceed the actual amount expended or $1,000.00, 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 liabilities. Any unused tax credit shall be allowed the taxpayer against succeeding years´ tax liabilities. No such tax 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."

SECTION 2.
This Act shall become effective upon its approval by the Governor or upon its becoming law without such approval and shall be applicable to all taxable years beginning on or after January 1, 2008.

SECTION 3.
All laws and parts of laws in conflict with this Act are repealed.