LC 18 3844
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 the purchase or lease of a new hybrid
vehicle; 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 48-7-40.25, to be designated
Code Section 48-7-40.26, to read as follows:
"48-7-40.26.
(a)
As used in this Code section, the term:
(1)
'Hybrid vehicle' means a motor vehicle whose drive train is powered by
electricity and by any on-board combustion device.
(2)
'Motor vehicle' means any self-propelled vehicle designed for transporting
persons or property on a street or highway that is registered by the Department
of Motor Vehicle Safety, except vehicles that are defined as 'low-speed
vehicles' in paragraph (25.1) of Code Section 40-1-1.
(b)
A tax credit is allowed against the tax imposed under this article to a taxpayer
for the purchase or lease of a new hybrid vehicle that is registered in the
State of Georgia. The amount of the credit shall be 20 percent of the cost of
such vehicle or $5,000.00, whichever is less.
(c)
All claims for any credit provided by subsection (b) of this Code section shall
be:
(1)
Accompanied by a certification approved by the Environmental Protection Division
of the Department of Natural Resources; and
(2)
Made only by a taxpayer who is the owner of a new hybrid vehicle, as evidenced
by the certificate of title issued for such vehicle; provided, however, that if
a new hybrid vehicle is leased to a taxpayer at retail, the taxpayer who is the
lessee shall be entitled to claim the credit; provided, further, that only one
taxpayer shall be eligible to claim any credit provided by subsection (b) of
this Code section.
(d)
Any credit claimed under this Code section but not used in any taxable year may
be carried forward for five years from the close of the taxable year in which a
new hybrid vehicle was purchased or leased, provided that the certification
required in subsection (c) of this Code section accompanies any such
claim.
(e)
In no event shall the amount of any tax credit provided in this Code section
exceed the
taxpayeŕs
income tax liability.
(f)
Tax credits authorized in this Code section shall be granted to a taxpayer who
purchased or leased and placed in service in Georgia a new hybrid vehicle on or
after January 1, 2005. Any claim for such credit must be accompanied by a
manufactureŕs
statement of origin issued to a dealer registered in Georgia which certifies
that the hybrid vehicle was manufactured in compliance with federal motor
vehicle safety standards, as well as any other documentation deemed necessary by
the commissioner to establish the date that delivery was made and such vehicle
was placed in service. A taxpayer shall only be eligible to claim such credit
with respect to a single hybrid vehicle.
(g)
The state revenue commissioner shall be authorized to adopt rules and
regulations to provide for the administration of any tax credit provided by this
Code section.
(h)
The Board of Natural Resources shall be authorized to adopt rules and
regulations to provide for:
(1)
The specific standards and requirements for hybrid vehicles which shall be
consistent with the terms of this Code section; and
(2)
An approved certification form which certifies the purchase or lease of a new
hybrid vehicle that is qualified for a tax credit provided by 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, 2005.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.