06 LC 18
4863-EC/AP
House
Bill 1080 (AS PASSED HOUSE AND SENATE)
By:
Representatives Golick of the
34th,
Roberts of the
154th,
Geisinger of the
48th,
Freeman of the
140th,
Chambers of the
81st,
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 with respect to qualified child and
dependent care expenses; 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 immediately following Code Section 48-7-29.9, to be designated
Code Section 48-7-29.10 to read as follows:
"48-7-29.10.
(a)
A taxpayer shall be allowed a credit against the tax imposed by Code Section
48-7-20 for qualified child and dependent care expenses. Such credit shall be
determined by applying a percentage to the amount of the credit provided for in
Section 21 of the Internal Revenue Code which is claimed and allowed pursuant to
the Internal Revenue Code. Such percentage shall be:
(1)
Ten percent for all taxable years beginning on or after January 1, 2006, and
prior to January 1, 2007;
(2)
Twenty percent for all taxable years beginning on or after January 1, 2007, and
prior to January 1, 2008; and
(3)
Thirty percent for all taxable years beginning on or after January 1,
2008.
(b)
In no event shall the total amount of the tax credit under this Code section for
a taxable year exceed the
taxpayeŕs
income tax liability. Any unused tax credit shall not be allowed to be carried
forward to apply to the
taxpayeŕs
succeeding
yearś
tax liability. No such tax credit shall be allowed the taxpayer against prior
yearś
tax liability.
(c)
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 and shall be applicable to all taxable years
beginning on or after January 1, 2006.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.