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GA HB1624
Bill
Status
Introduced
4/4/2022
Primary Sponsor
Marvin Lim
Click for details
AI Summary
- Creates a $10,000 refundable income tax credit for "qualified taxpayers" whose net value of all taxable assets is less than $50,000, with excess credit amounts refunded to the taxpayer
- Defines "net value of all taxable assets" as the value of all property (real or personal, tangible or intangible, wherever situated) minus debts, excluding tangible personal property valued at $50,000 or less that is not used in a trade/business or classified as a collectible, vehicle, boat, aircraft, or appreciating asset
- Includes anti-avoidance provisions treating property transferred to family members under age 18 as still belonging to the taxpayer, and counting trust property attributed to the taxpayer
- Authorizes the commissioner to promulgate rules and regulations to implement the tax credit
- Effective July 1, 2022, applicable to taxable years beginning on or after January 1, 2023
Legislative Description
Income tax; tax credit on wealth; provide
Last Action
House Hopper
4/4/2022
Full Bill Text
No bill text available