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GA HB1145
Bill
Status
Introduced
3/10/2014
Primary Sponsor
Buzz Brockway
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AI Summary
- Creates a state income tax credit for C corporations that donate to student scholarship organizations, capped at the lesser of the actual donation amount or $2.5 million per donor per tax year
- Sets an aggregate annual cap of $25 million for all tax credits issued under the program, allocated on a first-come, first-served basis with a web-based preapproval process through the Department of Revenue
- Targets scholarships to "BEAT eligible students," defined as students qualifying for free or reduced lunch in Georgia schools, attending accredited private schools in the state that administer standardized tests and report results to the Office of Student Achievement
- Requires donors to make contributions within 60 days of preapproval, prohibits designating donations for the benefit of a specific individual, and allows unused credits to be carried forward for up to five succeeding tax years
- Effective upon the Governor's approval, applicable to taxable years beginning on or after January 1, 2015, with the Department of Revenue required to report all BEAT donors to the General Assembly by January 30 each year
Legislative Description
Business and Education Acting Together (BEAT) Act; enact
Last Action
House Second Readers
3/12/2014
Full Bill Text
No bill text available