09 LC 18
8169S
The
House Committee on Ways and Means offers the following substitute to HB
261:
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 'eligible single-family residence'
means:
(1)
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
(2)
A single-family structure that is:
(A)
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
(B)
A residence with respect to which a foreclosure event has taken place and which
is owned by the mortgagor or the mortgagor's agent.
(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 either 1.2
percent of the purchase price of such eligible single-family residence or
$3,600.00, whichever is less.
(c)
The amount of the tax credit under subsection (b) of this Code section which may
be claimed and allowed for a single taxable year shall not exceed $1,200.00 or
the taxpayer's income tax liability, whichever is less. Any excess or unused
tax credit amount shall be allowed to be carried forward to apply to the
taxpayer's succeeding two years' tax liability. No such tax credit shall be
allowed the taxpayer against prior years' tax liability.
(d)(1)
A taxpayer shall submit to the commissioner a bona fide listing agreement with a
real estate agent or broker licensed in this state, documentation that the
eligible single-family residence was for sale directly by the owner without a
real estate agent or broker, or other appropriate documentation deemed
sufficient by the commissioner to validate the eligiblity of the single-family
residence for purposes of the tax credit under this Code section.
(2)
In the event the taxpayer files an electronic return, the documentation required
under paragraph (1) of this subsection shall only be required to be
electronically attached to the return if the Internal Revenue Service allows
such attachments when the data is transmitted to the department. In the event
the taxpayer files an electronic return and such documentation is not attached
because the Internal Revenue Service does not, at the time of such electronic
filing, allow electronic attachments to the Georgia return, such documentation
shall be maintained by the taxpayer and made available upon request of the
commissioner.
(e)
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.