09 LC 18
8140
House
Bill 519
By:
Representatives Fludd of the
66th,
Mosby of the
90th,
Abrams of the
84th,
and Buckner of the
130th
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 for qualified water efficient product
expenses and qualified energy efficient product expenses, or both; 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 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:
(1)
'Energy efficient product' means any energy efficient product for noncommercial
home or personal use consisting of any dishwasher, clothes washer, air
conditioner, ceiling fan, fluorescent light bulb, dehumidifier, programmable
thermostat, refrigerator, door, or window which has been designated by the
United States Environmental Protection Agency and the United States Department
of Energy as meeting or exceeding each such agency's energy saving efficiency
requirements or which have been designated as meeting or exceeding such
requirements under each such agency's Energy Star program.
(2)
'Qualified energy efficient product expense' means the expenditure of funds by
the taxpayer for energy efficient products installed in the taxpayer's
single-family home on or after the effective date of this Code section, if such
home is the taxpayer's primary residence, in the tax year for which the credit
under this Code section is claimed and allowed.
(3)
'Qualified water efficient product expense' means the expenditure of funds by
the taxpayer for water efficient products installed in the taxpayer's
single-family home on or after the effective date of this Code section, if such
home is the taxpayer's primary residence, in the tax year for which the credit
under this Code section is claimed and allowed.
(4)
'Water efficient product' means any product used for the conservation or
efficient use of water which has been designated by the United States
Environmental Protection Agency as meeting or exceeding such agency's water
saving efficiency requirements or which has been designated as meeting or
exceeding such requirements under such agency's Water Sense
program.
(b)
A taxpayer shall be allowed a credit against the tax imposed by Code Section
48-7-20 for qualified energy efficient product expenses in an amount not to
exceed the actual amount expended or $500.00, whichever is less.
(c)
A taxpayer shall be allowed a credit against the tax imposed by Code Section
48-7-20 for qualified water efficient product expenses in an amount not to
exceed the actual amount expended or $500.00, whichever is less.
(d)
In no event shall the total amount of the tax credits under this Code section
for a taxable year exceed the taxpayer's income tax liabilities. Any unused tax
credits shall be allowed the taxpayer against succeeding years' tax liabilities.
No such tax credits shall be allowed the taxpayer against prior years' tax
liability.
(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 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, 2009.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.