10 LC 18
8927ER
House
Bill 1241
By:
Representatives May of the
111th,
Smith of the
129th,
and Hugley of the
133rd
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 the order in which Georgia income tax credits shall be applied
on a taxpayer's return; 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.
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:
"48-7-43.
(a)
Except as otherwise provided in this Code section, for Georgia income tax
credits generated in the current tax year and Georgia income tax credits carried
forward to the current tax year, those tax credits from the oldest years shall
be utilized first; provided, however, that if a taxpayer is eligible to claim
more than one type of Georgia income tax credit, each having different carry
forward periods, or no carry forward period, the taxpayer may elect which
Georgia tax credit will be first utilized on the taxpayer's current year return.
Such election shall not increase or decrease the carry forward period of Georgia
income tax credits to which the taxpayer is entitled.
(b)
If two or more different Georgia income tax credits for which carry forward is
allowed are generated in a single tax year and one or both cannot be fully
utilized by the taxpayer in such tax year, the taxpayer may elect which and how
much of each shall be utilized on the current year's return and which and how
much of both or either shall be carried forward, subject to the specific
utilization and carry forward rules for each such tax credit.
(c)
Nothing in this Code section is intended to alter the specific eligibility
requirements for Georgia income tax credits.
(d)
The election allowed to a taxpayer by this Code section shall be made in such
manner and on such forms as the commissioner may
designate."
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, 2010.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.