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GA HB984
Bill
Status
Introduced
2/21/2018
Primary Sponsor
Samuel Park
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AI Summary
- Creates a Georgia state earned income tax credit (EITC) equal to 10% of the federal earned income tax credit allowed under Section 32 of the Internal Revenue Code
- Makes the credit fully refundable, meaning any credit amount exceeding a taxpayer's state income tax liability would be paid to the taxpayer as a refund
- Requires that eligibility be determined as if any net operating loss carryforward deductions were added back when calculating qualification for the federal credit
- Authorizes the commissioner to promulgate rules and regulations to implement and administer the credit
- Effective July 1, 2018, applicable to all taxable years beginning on or after January 1, 2019
Legislative Description
Income tax; refundable earned income tax credit; provide
Last Action
House Second Readers
2/23/2018
Full Bill Text
No bill text available