Loading chat...
GA HB1620
Bill
Status
Introduced
4/4/2022
Primary Sponsor
Marvin Lim
Click for details
AI Summary
- Amends O.C.G.A. § 48-7-38 to create a new income tax deduction equal to 5% of qualified payments made to minority subcontractors, in addition to the existing deduction already provided under the code
- Requires that at least 20% of total labor hours by the subcontractors and/or their agents be performed by local residents of the county or municipality where the project site is located
- Qualified payments must be for goods, personal property, or services furnished by the subcontractor to the taxpayer and delivered to the state in furtherance of a state contract, and may not exceed the value of those goods, property, or services
- Applies to corporations, partnerships, and individuals computing Georgia taxable net income, with the deduction subtracted from federal taxable income or federal adjusted gross income
- The deduction may only be claimed for payments made during the same taxable year in which the subtraction is claimed
Legislative Description
Income tax; additional tax deduction for certain payments to minority subcontractors; provide
Last Action
House Hopper
4/4/2022
Full Bill Text
No bill text available