07 LC
14 9610
House
Bill 440
By:
Representative O`Neal of the
146th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating
to income taxation, so as to revise certain provisions relating to certain
business income tax credits; to provide for definitions; to provide for
administration; to provide for related matters; to provide for an effective date
and applicability; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
7 of Title 48 of the Official Code of Georgia Annotated, relating to income
taxation, is amended in Code Section 48-7-40.17, relating to taxpayers
establishing or relocating their headquarters in this state, by revising
paragraph (3) of subsection (a) as follows:
"(3)
'Headquarters' means the principal central administrative office of a
potential
taxpayer or a subsidiary of the
potential
taxpayer."
SECTION
2.
Said
chapter is further amended in Code Section 48-7-40.18, relating to tax credits
for certain businesses headquartered in the state, by revising subsection (c) as
follows:
"(c)
The number of new full-time jobs to which this Code section
shall be
applicable
applies
shall be determined by comparing the monthly average of full-time jobs subject
to Georgia income tax withholding for the taxable year with the corresponding
average for the prior taxable year."
SECTION
3.
Said
chapter is further amended in Code Section 48-7-40.21, relating to tax credits
for existing business enterprises undergoing a qualified business expansion, by
revising subsection (c) as follows:
"(c)
Notwithstanding any other provision of law to the contrary, any credit claimed
pursuant to this Code section shall be
subject to
recapture
recaptured
if the minimum job requirement is not met. "
SECTION
4.
Said
chapter is further amended in Code Section 48-7-40.22, relating to tax credits
for business enterprises for leased motor vehicles, by revising subsection (c)
as follows:
"(c)
In order to qualify for the tax credit under this Code section, a business
enterprise must certify that each vehicle for which a credit is claimed carries
an average daily ridership of
not less
than
at
least four employees for an entire taxable
year."
SECTION
5.
Said
chapter is further amended in Code Section 48-7-40.24, relating to tax credits
for certain manufacturing enterprises, by revising paragraph (8) of subsection
(a) as follows:
"(8)
'Qualified investment property' means all real and personal property purchased
or acquired by a taxpayer
or potential
taxpayer for use in a qualified project,
including, but not limited to, amounts expended on land acquisition,
improvements, buildings, building improvements, and machinery and equipment to
be used in the manufacturing facility."
SECTION
6.
Said
chapter is further amended in Code Section 48-7-40.25, relating to tax credits
for certain business enterprises with existing manufacturing facilities, by
revising paragraph (8) of subsection (a) as follows:
"(8)
'Qualified investment property' means all real and personal property purchased
or acquired by a taxpayer
or potential
taxpayer for use in a qualified project,
including, but not limited to, amounts expended on land acquisition,
improvements, buildings, building improvements, and machinery and equipment to
be used in the manufacturing facility."
SECTION
7.
This
Act shall become effective on January 1, 2008, and shall apply with respect to
taxable years beginning on or after that date.
SECTION
8.
All
laws and parts of laws in conflict with this Act are repealed.