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GA HB683
Bill
Status
Engrossed
2/19/2014
Primary Sponsor
John Carson
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AI Summary
- Amends Code Section 48-7-29.6 relating to the Georgia tax credit for qualified low-income buildings by adding a new paragraph (5) to subsection (b)
- Clarifies that allocations of low-income housing tax credits to partners, members, or shareholders of an entity owning a qualified project are valid under Georgia law regardless of how the person, interest, or allocation is treated for federal income tax purposes
- Requires only that the person receiving the allocation be admitted as a partner, member, or shareholder of the entity under Georgia law at any time during the applicable tax year
- Eliminates potential disqualification of state tax credit allocations based on the federal income tax classification of the entity making the allocation
- Becomes effective immediately upon the Governor's approval or upon becoming law without such approval
Legislative Description
Income tax; certain allocations to owners of certain entities shall be governed by Georgia law; provide
Last Action
Senate Read and Referred
2/20/2014
Full Bill Text
No bill text available