05 LC 18
3824
Senate
Bill 14
By: Senator Thompson of the 5th
By: Senator Thompson of the 5th
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 home
improvement expenses; to provide for conditions and limitations; to provide for
an income tax credit with respect to certain commercial real property located in
a community improvement district; to provide for an income tax credit with
respect to a business located in a community improvement district; 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
three new Code sections immediately following Code Section 48_7_29.8, to be
designated Code Section 48_7_29.9, 48_7_29.10, and 48_7_29.11, to read as
follows:
"48_7_29.9.
(a)
As used in this Code section, the term 'qualified home improvement expense'
means the expenditure of funds by the taxpayer in connection with home
improvement of a single_family residence owned and occupied by the taxpayer
which is located in a community improvement district created pursuant to Article
IX, Section VII of the Constitution or within one_half mile of the boundary of
such community improvement district.
(b)
A taxpayer shall be allowed a credit against the tax imposed by Code Section
48_7_20 for qualified home improvement expenses in an amount not to exceed the
actual amount expended or $1,000.00, whichever is less.
(c)
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 the taxpayer against succeeding years´ tax
liability. No such credit shall be allowed the taxpayer against prior
years´ tax liability.
(d)
The commissioner shall be authorized to promulgate any rules and regulations
necessary to implement and administer the provisions of this Code
section.
48_7_29.10.
(a)
A taxpayer who has consented in writing to the creation of a community
improvement district pursuant to Article IX, Section VII, Paragraph III(b) of
the Constitution shall be allowed a credit against the tax imposed by this
article with respect to commercial real property owned by such taxpayer which is
located in such community improvement district in an amount not to exceed
$500.00.
(b)
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 the taxpayer against succeeding years´ tax
liability. No such credit shall be allowed the taxpayer against prior
years´ tax liability.
(c)
The commissioner shall be authorized to promulgate any rules and regulations
necessary to implement and administer the provisions of this Code
section.
48_7_29.11.
(a)
A taxpayer who owns a business which is located in a community improvement
district created pursuant to Article IX, Section VII of the Constitution shall
be allowed a credit against the tax imposed by this article in an amount not to
exceed $500.00.
(b)
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 the taxpayer against succeeding years´ tax
liability. No such credit shall be allowed the taxpayer against prior
years´ tax liability.
(c)
The commissioner shall be authorized to promulgate any rules and regulations
necessary to implement and administer the provisions of this Code
section."
SECTION
2.
This
Act shall become effective on January 1, 2006.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.