08 LC 18
7089/AP
House
Bill 1159 (AS PASSED HOUSE AND SENATE)
By:
Representatives Lunsford of the
110th,
Richardson of the
19th,
Walker of the
107th,
Neal of the
1st,
Butler of the
18th,
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 adoption of a qualified
foster child; 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 'qualified foster child' means a foster
child who is less than 18 years of age and who is in a foster home or otherwise
in the foster care system under the Division of Family and Children Services of
the Department of Human Resources.
(b)
A taxpayer shall be allowed a credit against the tax imposed by Code Section
48-7-20 for the adoption of a qualified foster child. The amount of such credit
shall be $2,000.00 per qualified foster child per taxable year commencing with
the year in which the adoption becomes final and ending in the year in which the
adopted child attains the age of 18.
(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 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.
(d)
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, 2008.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.