08 LC
18 7390S
House
Bill 670 (COMMITTEE SUBSTITUTE)
By:
Representative Sims of the
169th
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 the imposition, rate, and computation of income tax, so
as to provide for an income tax credit with respect to wood residuals; 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 automatic repeal;
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
(1)
'Renewable biomass qualified facility' means a renewable biomass qualified
facility as defined by the Federal Energy Regulatory Commission which facility
meets the open loop biomass standards promulgated pursuant to Section 45 of the
Internal Revenue Code. Such facility must be located in a county in this state
which has not attained the federal Environmental Protection Agency Ambient Air
Quality Standard for any or all regulated pollutants.
(2)
'Wood residuals' means wood residuals that include land-clearing residue, urban
wood residue, and pellets and do not include wood from any United States
national forest.
(b)
A taxpayer who transports or diverts wood residuals to a renewable biomass
qualified facility shall be allowed a credit against the tax imposed by this
chapter in an amount not to exceed the actual amount certified by the department
to the taxpayer. The value of such credit shall be determined on a per tonnage
basis. Such certification shall be based upon vouchers provided to the taxpayer
by the renewable biomass qualified facility to whom the wood residuals are
provided for the purpose of providing bioelectric power to a third party. The
department shall calculate and attribute a dollar value to such wood
residuals.
(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)
In no event shall the cumulative total amount of credits granted under this Code
section exceed $6.5 million.
(e)
The state revenue commissioner shall be authorized to promulgate any rules and
regulations necessary to implement and administer the provisions of this Code
section.
(f)
This Code section shall stand repealed in its entirety on January 1,
2013."
SECTION
2.
This
Act shall become effective on January 1, 2009.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.