08 LC 18
7407S
The
House Committee on Ways and Means offers the following substitute to HB
1275:
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
harvesting 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 installer' means a person or company experienced in the installation
of complete water harvesting and storage systems and approved by the
commissioner.
(2)
'Qualified water harvesting expense' means the expenditure of funds by the
taxpayer for a complete water harvesting and storage system installed by a
qualified installer on the premises of the taxpayer´s residence or business
after January 1, 2008, in the tax year for which the credit under this Code
section is claimed and allowed. Components of a complete system shall include
such elements as are necessary for on-site capture, conveyance, holding,
filtering, purification, and distribution of the harvested water.
(b)
A taxpayer shall be allowed a credit against the tax imposed by Code Section
48-7-20 or 48-7-21 for qualified water harvesting expenses:
(1)
In an amount not to exceed 50 percent of the actual amount expended if such
qualified water harvesting expenses are $1,000.00 or less; or
(2)
In the amount of $1,000.00 if the actual amount of qualified water harvesting
expenses exceeds $1,000.00.
(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.