07 LC 18
6182
House
Bill 307
By:
Representatives Martin of the
47th
and Drenner of the
86th
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 income tax credits with respect to qualified personal mass
transportation expenses; to provide for conditions, limitations, and exclusions;
to provide for 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 personal mass transportation
expense' means the expenditure of funds by the taxpayer for any transportation
benefit listed in subsection (a) of Code Section 48-7-29.3.
(b)
For the calendar years specified in subsection (d) of this Code section, a
taxpayer shall be allowed a credit against the tax imposed by Code Section
48-7-20 for qualified personal mass transportation expenses in an amount not to
exceed the actual amount of such expenses or $300.00 per taxable year, whichever
is less. In no event shall more than two credits be allowed in a single
household for qualified personal mass transportation expenses.
(c)
In no event shall the amount of the tax credit under this Code section for a
taxable year exceed the taxpayer´s income tax liability. No such credit
shall be allowed the taxpayer against succeeding years´ or prior
years´ tax liabilities.
(d)
In no event shall the aggregate amount of tax credits approved by the
commissioner for all qualified taxpayers under this Code section in a calendar
year exceed:
(A)
Two million for credits earned in calendar year 2008; and
(B)
Two million for credits earned in calendar year 2009.
(e)
The commissioner shall promulgate any rules and regulations necessary to
implement and administer this Code section."
SECTION
2.
This
Act shall become effective on January 1, 2008.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.