Bill Text: GA HB834 | 2011-2012 | Regular Session | Introduced

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Bill Title: Income tax credit; energy costs for certain families; provide

Spectrum: Partisan Bill (Democrat 5-0)

Status: (Introduced - Dead) 2012-02-01 - House Second Readers [HB834 Detail]

Download: Georgia-2011-HB834-Introduced.html

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12 LC 34 3249

House Bill 834

By: Representatives Bell of the 58th, Epps of the 128th, Taylor of the 55th, Fullerton of the 151st, and Randall of the 138th

A BILL TO BE ENTITLED
AN ACT

To amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the imposition, rate, computation, and exemptions regarding income tax, so as to provide for an income tax credit for energy costs of certain families; 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, computation, and exemptions regarding income tax, is amended by adding a new Code section to read as follows:

"48-7-29.18.

(a) As used in this Code section, the term:

(1) 'Family' means two or more related individuals who share a personal residence and have a combined income of less than $75,000.00.

(2) 'Home energy costs' means the cost of energy, including, but not limited to, electricity and natural gas, used in heating, cooling, and the daily operation of a personal residence.

(b) A family shall be allowed a credit against taxes imposed by Code Section 48-7-20 for home energy costs in an amount not to exceed the lesser of $250.00 or the actual amount spent. The family shall submit invoices for home energy costs in order to verify the amount expended in a taxable year.

(c) In no event shall the total amount of any tax credit provided under this Code section for a taxable year exceed the taxpayer's income tax liability. Any unused tax credit shall be allowed the taxpayer against succeeding years' tax liabilities for a period of three years. No such credit shall be allowed the taxpayer against prior years' tax liabilities.

(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 on January 1, 2013, and shall be applicable to all taxable years beginning on or after that date.

SECTION 3.

All laws and parts of laws in conflict with this Act are repealed.