07 LC
18 5866
House
Bill 10
By:
Representatives McKillip of the
115th,
Jamieson of the
28th,
Mosby of the
90th,
Heard of the
114th,
Drenner of the
86th,
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 in an amount equal to 5 percent of the
amount of the federal Earned Income Credit which the taxpayer has claimed and
been allowed pursuant to Section 32 of the Internal Revenue Code of 1986, as
amended; 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 to read as follows:
"48-7-29.13.
(a)
A taxpayer shall be allowed a credit against the tax imposed by Code Section
48-7-20. Such credit shall be in an amount equal to 5 percent of the amount the
taxpayer has claimed and been allowed pursuant to Section 32 of the Internal
Revenue Code.
(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 to be carried forward to apply to the taxpayer´s
succeeding years´ tax liability. No such tax 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 this Code section."
SECTION
2.
This
Act shall become effective January 1, 2008, and shall be applicable to all
taxable years beginning on or after January 1, 2008.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.