10 LC 18
8924
House
Bill 1202
By:
Representative Stephens of the
164th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 48-7-29.12 of the Official Code of Georgia Annotated,
relating to the income tax credit for donation of real property for conservation
purposes, so as to provide for the transfer, devise, and distribution of unused
conservation tax credits; to provide for procedures, conditions, and
limitations; to provide for related matters; 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.
Code
Section 48-7-29.12 of the Official Code of Georgia Annotated, relating to the
income tax credit for donation of real property for conservation purposes, is
amended by adding a new subsection to read as follows:
"(d.1)
Any tax credits under this Code section earned by a taxpayer and previously
claimed but not used by such taxpayer against such taxpayer's income tax may be
transferred or sold in whole or in part by such taxpayer to another Georgia
taxpayer, subject to the following conditions:
(1)
The transferor shall submit to the department a written notification of any
transfer or sale of tax credits within 30 days after the transfer or sale of
such tax credits. The notification shall include such transferor's tax credit
balance prior to transfer, the remaining balance after transfer, all tax
identification numbers for each transferee, the date of transfer, the amount
transferred, and any other information required by the department;
(2)
Failure to comply with this subsection shall result in the disallowance of the
tax credit until the taxpayer is in full compliance;
(3)
In no event shall the amount of the tax credit under this subsection claimed and
allowed for a taxable year exceed the transferee's income tax liability. Any
unused credit may be carried forward to subsequent taxable years provided that
the transfer or sale of this tax credit does not extend the time in which such
tax credit can be used. The carry-forward period for tax credit that is
transferred or sold shall begin on the date on which the tax credit was
originally earned; and
(4)
A transferee shall have only such rights to claim and use the tax credit that
were available to the transferor at the time of the transfer. To the extent
that such transferor did not have rights to claim or use the tax credit at the
time of the transfer, the department shall either disallow the tax credit
claimed by the transferee or recapture the tax credit from the transferee. The
transferee's recourse is against the transferor."
SECTION
2.
This
Act shall become effective on January 1, 2011, and shall apply to all taxable
years beginning on or after January 1, 2011.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.