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GA HB992
Bill
Status
Introduced
2/21/2020
Primary Sponsor
Sandra Scott
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AI Summary
- Creates a Georgia income tax credit for qualified investors who invest in women-owned businesses, structured as 25% of the investment amount in the second year, 15% in the third year, and 10% in the fourth year after the investment is made
- Defines qualified businesses as women-owned and controlled entities headquartered in Georgia with 20 or fewer employees, gross annual revenue of $500,000 or less, organized no more than five years before the investment, and with no more than $1 million in aggregate equity or debt proceeds
- Caps the aggregate credit allowed per individual investor at $100,000 per taxable year, with unused credits eligible to be carried forward for five years; the total aggregate amount of all credits allowed statewide may not exceed $5 million per year
- Requires qualified businesses to register with the commissioner of revenue, with certification valid for 12 months and renewable; the commissioner must report annually to the House Ways and Means and Senate Finance committees on registered businesses, jobs created, and average wages
- Includes recapture provisions triggered if the investor transfers securities within two years, the business redeems securities or repays subordinated debt within five years, or the investor or related family members participate in the business operations within two years of the investment
Legislative Description
Income tax; tax credit for investors in women owned businesses; provide
Last Action
House Second Readers
2/25/2020
Full Bill Text
No bill text available