09
LC 18 7958
House
Bill 261
By:
Representatives Stephens of the
164th,
Dickson of the
6th,
Hill of the
180th,
Barnard of the
166th,
Neal of the
1st,
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 for a limited period of time for the
purchase of one eligible single-family residence; 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
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)
'Eligible single-family residence' means:
(A)
A single-family structure that is a new residence or a previously occupied
residence that was for sale prior to the effective date of this Code section and
is still for sale after the effective date of this Code section; or
(B)
A single-family structure that is:
(i)
An owner occupied residence with respect to which the owner's acquisition
indebtedness, as defined in Section 163(h)(3)(B) of the Internal Revenue Code,
determined without regard to clause (ii) thereof, was in default on or before
March 1, 2009; or
(ii)
A residence with respect to which a foreclosure event has taken place and which
is owned by the mortgagor or the mortgagor's agent.
(2)
'Purchase price' means the purchase price of an eligible single-family residence
that is not less than $40,000.00 and not more than $300,000.00.
(b)
A taxpayer shall be allowed a one-time credit against the tax imposed by Code
Section 48-7-20 for the purchase of one eligible single-family residence made
during the six-month period commencing on the first day of the month following
the effective date of this Code section and ending on the last day of the sixth
complete month thereafter. The amount of such credit shall be 1.2 percent of
the purchase price of such eligible single-family residence.
(c)
A taxpayer shall be allowed a one-time credit against the tax imposed by Code
Section 48-7-20 for the purchase of one eligible single-family residence made
during the six-month period commencing on the first day following the six-month
period provided for under subsection (b) of this Code section and ending on the
last day of the twelfth complete month thereafter. The amount of such credit
shall be 0.6 percent of the purchase price of such eligible single-family
residence.
(d)
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. Any unused tax
credit shall be allowed to be carried forward to apply to the taxpayer's
succeeding years' tax liability. No such tax credit shall be allowed the
taxpayer against prior years' tax liability.
(e)
A taxpayer shall submit to the commissioner a bona fide listing agreement with a
real estate agent or broker licensed in this state, or other appropriate
documentation deemed sufficient by the commissioner, to validate the sales
status of the eligible single-family residence.
(f)
The commissioner shall be authorized to promulgate any rules and regulations
necessary to implement and administer this Code
section."
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.