| 1 | 1 | | 25 LC 59 0047 |
|---|
| 2 | 2 | | House Bill 98 |
|---|
| 3 | 3 | | By: Representatives Hugley of the 141 |
|---|
| 4 | 4 | | st |
|---|
| 5 | 5 | | , Herring of the 145 |
|---|
| 6 | 6 | | th |
|---|
| 7 | 7 | | , Clark of the 108 |
|---|
| 8 | 8 | | th |
|---|
| 9 | 9 | | , Griffin of |
|---|
| 10 | 10 | | the 149 |
|---|
| 11 | 11 | | th |
|---|
| 12 | 12 | | , Jackson of the 128 |
|---|
| 13 | 13 | | th |
|---|
| 14 | 14 | | , and others |
|---|
| 15 | 15 | | A BILL TO BE ENTITLED |
|---|
| 16 | 16 | | AN ACT |
|---|
| 17 | 17 | | To amend Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to |
|---|
| 18 | 18 | | 1 |
|---|
| 19 | 19 | | income taxes, so as to provide for a state income tax credit equal to 10 percent of the federal2 |
|---|
| 20 | 20 | | child tax credit; to provide for rules and regulations; to provide for related matters; to provide3 |
|---|
| 21 | 21 | | for an effective date and applicability; to repeal conflicting laws; and for other purposes.4 |
|---|
| 22 | 22 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 |
|---|
| 23 | 23 | | SECTION 1.6 |
|---|
| 24 | 24 | | Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes,7 |
|---|
| 25 | 25 | | is amended by adding a new Code section to read as follows:8 |
|---|
| 26 | 26 | | "48-7-29.27. |
|---|
| 27 | 27 | | 9 |
|---|
| 28 | 28 | | (a) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-2010 |
|---|
| 29 | 29 | | in an amount equal to 10 percent of the federal credit that such taxpayer is allowed under11 |
|---|
| 30 | 30 | | Section 24 of the Internal Revenue Code. Such credit shall be allowed only if the12 |
|---|
| 31 | 31 | | individual would have received the federal credit allowed under Section 24 of the Internal13 |
|---|
| 32 | 32 | | Revenue Code after adding any carryforward of a net operating loss that was deducted14 |
|---|
| 33 | 33 | | pursuant to such section in determining eligibility for the federal credit.15 |
|---|
| 34 | 34 | | H. B. 98 |
|---|
| 35 | 35 | | - 1 - 25 LC 59 0047 |
|---|
| 36 | 36 | | (b) If the total amount of the tax credit provided for in this Code section exceeds the16 |
|---|
| 37 | 37 | | taxpayer's income tax liability for a taxable year, such excess funds shall be refunded to the17 |
|---|
| 38 | 38 | | taxpayer.18 |
|---|
| 39 | 39 | | (c) The commissioner shall be authorized to promulgate rules and regulations necessary19 |
|---|
| 40 | 40 | | to implement and administer the provisions of this Code section."20 |
|---|
| 41 | 41 | | SECTION 2.21 |
|---|
| 42 | 42 | | This Act shall become effective on July 1, 2025, and shall be applicable to all taxable years22 |
|---|
| 43 | 43 | | beginning on or after January 1, 2025.23 |
|---|
| 44 | 44 | | SECTION 3.24 |
|---|
| 45 | 45 | | All laws and parts of laws in conflict with this Act are repealed.25 |
|---|
| 46 | 46 | | H. B. 98 |
|---|
| 47 | 47 | | - 2 - |
|---|