Bill Text: GA HB1219 | 2009-2010 | Regular Session | Comm Sub
Bill Title: Income tax; change certain definitions
Spectrum: Partisan Bill (Republican 4-0)
Status: (Introduced - Dead) 2010-03-22 - House Committee Favorably Reported [HB1219 Detail]
Download: Georgia-2009-HB1219-Comm_Sub.html
10 LC
18 9088S
The
House Committee on Ways and Means offers the following substitute to HB
1219:
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 7A of Title 48 of the Official Code of Georgia Annotated, relating
to tax credits for low-income residents, so as to repeal certain provisions
regarding legislative findings and purposes; to change certain provisions
regarding the claiming and allowing of such tax credits; to provide for 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.
Chapter
7A of Title 48 of the Official Code of Georgia Annotated, relating to tax
credits for low-income residents, is amended by repealing and reserving Code
Section 48-7A-1, relating to legislative findings and purposes.
SECTION
2.
Said
chapter is further amended in Code Section 48-7A-3, relating to claiming and
allowing low-income tax credits, by revising subsections (a) and (c) as
follows:
"(a)
Except as otherwise provided in subsection (e) of this Code section, each
resident taxpayer who files an individual income tax return for a taxable year
and who is not claimed or is not otherwise eligible to be claimed as a dependent
by another taxpayer for federal or Georgia individual income tax purposes may
claim a tax credit against the resident taxpayer's individual income tax
liability for the taxable year for which the individual income tax return is
being filed; provided that:
(1)
A husband and wife filing a joint return shall each be deemed a dependent for
purposes of such joint return;
and
(2)
A husband and wife filing separate returns for a taxable year for which a joint
return could have been filed by them shall claim only the tax credit to which
they would have been entitled had a joint return been
filed.;
and
(3)
A resident individual who has no income or no income taxable under Chapter 7 of
this title and who is not claimed or is not otherwise eligible to be claimed as
a dependent by a taxpayer for federal or Georgia individual income tax purposes
may also claim a tax credit as set forth in this Code
section."
"(c)
The tax credit claimed by a resident taxpayer pursuant to this Code section
shall be deductible from the resident taxpayer's individual income tax
liability, if any, for the tax year in which it is properly
claimed.
In the event the tax credit claimed by a resident taxpayer exceeds the amount of
income tax payment due from the resident taxpayer, the excess of the credit over
payments due shall be refunded to the resident taxpayer, provided that a tax
credit properly claimed by a resident individual who has no income tax liability
shall be paid to the resident individual; provided, further, that no refunds or
payment on account of the tax credit allowed by this Code section shall be made
for amounts less than
$1.00.;
provided, however, that 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 credit amount shall not be allowed to be carried forward
to the taxpayer's succeeding years' tax liability. No such credit shall be
allowed the taxpayer against prior years' tax
liability."
SECTION
3.
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, 2010.
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.
