07 LC 25
4863
House
Bill 622
By:
Representatives Smith of the
113th,
Bridges of the
10th,
Harbin of the
118th,
Amerson of the
9th,
and Holt of the
112th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia
Annotated, relating to income tax imposition, rate, computation, and exemptions,
so as to provide an income tax credit for purchases of prescribed hearing aids;
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 income tax imposition, rate, computation, and exemptions, is amended by
adding a new Code section to read as follows:
"48-7-40.27.
A
tax credit is allowed against the tax imposed under this article to a taxpayer
for the purchase of a lawfully prescribed hearing aid. The amount of the credit
shall be equal to the amount paid by the taxpayer for the hearing aid but not to
exceed $500.00. The state revenue commissioner is authorized to adopt rules and
regulations to provide for the administration of the tax credit provided by this
Code section."
SECTION
2.
This
Act shall become effective on January 1, 2008, and shall apply to all taxable
years beginning on or after such date.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.