08 LC 18
7003
House
Bill 1140
By:
Representatives May of the
111th,
Smith of the
70th,
Knight of the
126th,
Manning of the
32nd,
and Jerguson of the
22nd
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 water efficient
product expenses; to provide for definitions; 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)
As used in this Code section, the term:
(1)
'Qualified water efficient product expense' means the expenditure of funds by
the taxpayer for water efficient products installed in the taxpayer´s
single-family home on or after January 1, 2008, if such home is the
taxpayer´s primary residence, in the tax year for which the credit under
this Code section is claimed and allowed.
(2)
'Water efficient product' means any product used for the conservation or
efficient use of water which has been designated by the United States
Environmental Protection Agency as meeting or exceeding such agency´s water
saving efficiency requirements or which has been designated as meeting or
exceeding such requirements under such agency´s Water Sense
program.
(b)
A taxpayer shall be allowed a credit against the tax imposed by Code Section
48-7-20 for qualified water efficient product expenses in an amount not to
exceed the actual amount expended or $250.00, 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 liabilities. Any unused
tax credit shall be allowed the taxpayer against succeeding years´ tax
liabilities. No such tax 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."
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, 2008.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.