09 LC 18
7682
House
Bill 4
By:
Representatives Levitas of the
82nd,
Lunsford of the
110th,
Cheokas of the
134th,
Bearden of the
68th,
Powell of the
29th,
and others
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 qualified ad valorem tax
expenses; 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 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:
"48-7-29.17.
(a)
As used in this Code section, the term 'qualified ad valorem tax expense' means
the expenditure of funds by the taxpayer for the payment of such taxpayer's
state and local ad valorem taxes on real and personal property in the tax year
for which the credit under this Code section is claimed and
allowed.
(b)
A taxpayer shall be allowed a credit against the tax imposed by Code Section
48-7-20 for qualified ad valorem tax expenses in an amount not to exceed the
actual amount expended.
(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. No amount of unused
tax credit shall be allowed the taxpayer against succeeding years' tax
liability. No such tax credit shall be allowed the taxpayer against prior
years' tax liability.
(d)
In any tax year in which the commissioner determines that the aggregate amount
of state reserve funds is less than $500 million, no tax credit shall be claimed
or allowed under this Code section for that tax year.
(e)
The commissioner shall be authorized to promulgate any rules and regulations
necessary to implement and administer the provisions of this Code
section."
SECTION
2.
This
Act shall become effective on January 1, 2010, and shall be applicable to all
taxable years beginning on or after that date.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.