08 LC 18
6899
House
Bill 1195
By:
Representatives Stephens of the
164th,
Harbin of the
118th,
Maxwell of the
17th,
Sims of the
169th,
Tumlin of the
38th,
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 a tax credit for certain amounts expended for health
insurance; to provide for a definition; to provide for conditions, limitations,
and exclusions; to provide for authority of the state revenue commissioner with
respect to the foregoing; to provide for related matters; 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.
"48-7-29.13.
(a)
As used in this Code section, the term 'qualifying family member' means the
taxpayer or an individual who is related to the taxpayer by blood, marriage, or
adoption.
(b)
A taxpayer shall be allowed a credit against the tax imposed by Code Section
48-7-20 in an amount not to exceed 50 percent of the amount expended by such
taxpayer for premiums for health insurance for a qualifying family member. No
taxpayer shall be entitled to such credit with respect to such expended amounts
for health insurance which are claimed by another taxpayer.
(c)
In no event shall the amount of the tax credit provided in subsection (b) of
this Code section for a taxable year exceed $2,000.00 or the taxpayer´s
income tax liability, whichever is less. Any unused tax credit shall not be
allowed to be carried forward to apply to the taxpayer´s succeeding
years´ tax liabilities. No such tax credit shall be allowed the taxpayer
against prior years´ tax liabilities.
(d)
No such tax credit shall be allowed under this Code section with respect to any
premiums for health insurance either deducted or subtracted by the taxpayer in
arriving at Georgia net taxable income or with respect to any premiums for
health insurance for which amounts were excluded from Georgia net taxable
income.
(e)
The commissioner shall 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, 2009, and shall be applicable to all
taxable years beginning on or after January 1, 2009.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.