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GA HB1073
Bill
Status
Introduced
2/17/2012
Primary Sponsor
Mike Cheokas
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AI Summary
- Creates a Georgia income tax credit for contributions to public pre-kindergarten programs, primary schools, and secondary schools ("qualified education expenses")
- Individual taxpayers may claim up to $1,000 per year (single/head of household) or $2,500 per year (married filing jointly); corporations may claim the lesser of the amount contributed or 75% of their income tax liability
- Caps the aggregate amount of tax credits statewide at $50 million per year, adjusted annually for inflation through January 1, 2018, with credits awarded on a first-come, first-served basis
- Requires taxpayers to obtain preapproval from the Department of Revenue before contributing and to make the contribution within 60 days of preapproval; a web-based donation approval process must be established
- Unused credits may be carried forward for up to five years, but cannot be applied to prior years' liabilities; credits cannot be claimed if the same contribution is deducted as a charitable contribution under IRC Section 501(c)(3)
Legislative Description
Income tax credit; certain contributions to public schools; provide
Last Action
House Second Readers
2/21/2012
Committee Referrals
Ways and Means2/17/2012
Full Bill Text
No bill text available