10 LC
18 8807
House
Bill 1068
By:
Representatives Fludd of the
66th,
Buckner of the
130th,
Thomas of the
100th,
McKillip of the
115th,
and Benfield of the
85th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 1 of Chapter 7 of Title 48 of the Official Code of Georgia
Annotated, relating to general provisions regarding income taxes, so as to
provide a temporary reduction in the amount of certain income tax credits; to
provide for an effective date; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
1 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating
to general provisions regarding income taxes, is amended by adding a new Code
section to read as follows:
"48-7-7.
The
provisions of this Code section shall supercede and control over any other
provision of this chapter to the contrary which enacted, reenacted, or otherwise
extended an income tax credit on or after January 1, 2007. In any such
provision of this chapter which provides an income tax credit, for all taxable
years beginning on or after January 1, 2010, and prior to January 1, 2013, the
amount of such income tax credit specified in any such Code section which is
authorized to be claimed and allowed in a taxable year shall be reduced by 15
percent."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.