| 1 | 1 | | 25 LC 59 0046 |
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| 2 | 2 | | House Bill 95 |
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| 3 | 3 | | By: Representatives Park of the 107 |
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| 4 | 4 | | th |
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| 5 | 5 | | , Jackson of the 128 |
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| 6 | 6 | | th |
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| 7 | 7 | | , Griffin of the 149 |
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| 8 | 8 | | th |
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| 9 | 9 | | , Herring of |
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| 10 | 10 | | the 145 |
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| 11 | 11 | | th |
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| 12 | 12 | | , Clark of the 108 |
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| 13 | 13 | | th |
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| 14 | 14 | | , and others |
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| 15 | 15 | | A BILL TO BE ENTITLED |
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| 16 | 16 | | AN ACT |
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| 17 | 17 | | To amend Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to |
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| 18 | 18 | | 1 |
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| 19 | 19 | | income taxes, so as to provide for an income tax credit equal to 20 percent of the federal2 |
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| 20 | 20 | | earned income tax credit; to provide for rules and regulations; to provide for related matters;3 |
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| 21 | 21 | | to provide for an effective date and applicability; to repeal conflicting laws; and for other4 |
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| 22 | 22 | | purposes.5 |
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| 23 | 23 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 |
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| 24 | 24 | | SECTION 1.7 |
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| 25 | 25 | | Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes,8 |
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| 26 | 26 | | is amended by adding a new Code section to read as follows:9 |
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| 27 | 27 | | "48-7-29.28. |
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| 28 | 28 | | 10 |
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| 29 | 29 | | (a) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-2011 |
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| 30 | 30 | | in an amount equal to 20 percent of the federal credit that such taxpayer is allowed under12 |
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| 31 | 31 | | Section 32 of the Internal Revenue Code. Such credit shall be allowed only if the13 |
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| 32 | 32 | | individual would have received the federal credit allowed under Section 32 of the Internal14 |
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| 33 | 33 | | Revenue Code after adding any carryforward of a net operating loss that was deducted15 |
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| 34 | 34 | | pursuant to such section in determining eligibility for the federal credit.16 |
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| 35 | 35 | | H. B. 95 |
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| 36 | 36 | | - 1 - 25 LC 59 0046 |
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| 37 | 37 | | (b) If the total amount of the tax credit provided for in this Code section exceeds the17 |
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| 38 | 38 | | taxpayer's income tax liability for a taxable year, such excess funds shall be refunded to the18 |
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| 39 | 39 | | taxpayer.19 |
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| 40 | 40 | | (c) The commissioner shall be authorized to promulgate rules and regulations necessary20 |
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| 41 | 41 | | to implement and administer the provisions of this Code section."21 |
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| 42 | 42 | | SECTION 2.22 |
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| 43 | 43 | | This Act shall become effective on July 1, 2025, and shall be applicable to all taxable years23 |
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| 44 | 44 | | beginning on or after January 1, 2025.24 |
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| 45 | 45 | | SECTION 3.25 |
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| 46 | 46 | | All laws and parts of laws in conflict with this Act are repealed.26 |
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| 47 | 47 | | H. B. 95 |
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| 48 | 48 | | - 2 - |
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