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GA HB1039
Bill
Status
Engrossed
3/8/2022
Primary Sponsor
Mack Jackson
Click for details
AI Summary
- Extends the Georgia income tax credit for expenditures on maintenance of railroad track owned or leased by Class III railroads by two years, changing the expiration from December 30, 2026, to December 30, 2028
- Extends the deadline for one-time assignment of unused tax credits from Class III railroads to other taxpayers from January 1, 2027, to January 1, 2029
- Extends the commissioner's annual reporting requirement to the Senate Finance Committee and House Ways and Means Committee from 2027 to 2029, covering total taxpayers claiming the credit and total value of credits earned and applied
- Pushes back the automatic repeal date of the tax credit provision from January 1, 2027, to January 1, 2029
- Credit remains limited to once per mile of railroad track per taxable year, and the basis of the track must be reduced by the amount of credit claimed
Legislative Description
Income tax; expenditures on maintenance for Class III railroads; extend tax credit
Last Action
Senate Passed/Adopted By Substitute
4/4/2022
Committee Referrals
Finance3/9/2022
Ways and Means1/27/2022
Full Bill Text
No bill text available