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GA HB1014
Bill
Status
Passed
4/28/2016
Primary Sponsor
Jay Powell
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AI Summary
- Extends the sunset date for Georgia's income tax credit for qualified donations of real property for conservation purposes from December 31, 2016, to December 31, 2021, allowing the Department of Natural Resources to continue accepting applications through that date
- Maintains the existing aggregate cap of $30 million per calendar year on total tax credits allowed under the conservation donation program, effective from January 1, 2016
- Preserves individual tax credit limits of $250,000 for individual taxpayers and $500,000 for corporate taxpayers, with unused credits eligible for carryforward over the succeeding 10 years
- Requires the Department of Natural Resources to report to the Governor and legislative leaders before any renewal beyond 2021, detailing the number of applications, acres donated, donation values, aggregate credits granted, and direct and indirect benefits to the state
- Limits qualified donations to one per tax parcel within a five-year period, unless a subsequent donation is made by a person unrelated to prior eligible donors of that parcel
Legislative Description
Income tax; exemption for donation of real property for conservation use; extend sunset date
Last Action
Effective Date
7/1/2016
Full Bill Text
No bill text available