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GA HB424
Bill
Status
Passed
5/9/2022
Primary Sponsor
Bruce Williamson
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AI Summary
- Creates a Georgia income tax credit for contributions made to qualified foster child support organizations, capped at an aggregate $20 million per calendar year, applicable to taxable years beginning on or after January 1, 2023
- Targets support for "aging foster children" — foster children aged 16–18 and former foster children up to age 21 (or 25 if legally possible) who have not been adopted or reunited with families — through qualified expenditures including tuition waiver costs, wraparound services, and mentorship
- Limits individual tax credit contributions to $2,500 (single filers) or $5,000 (joint filers/pass-through entity members) for the first half of each calendar year, with corporations limited to 10% of their income tax liability during the same period; unused credits may be carried forward up to five years
- Requires the Division of Family and Children Services to certify qualified organizations through a web-based application process, with the first round of applications accepted by October 1, 2022, and requires qualified organizations to spend at least 80% of qualified contributions on qualified expenditures
- Establishes enforcement mechanisms including a 90-day cure period for noncompliant organizations, revocation and delisting of organizations that fail to correct deficiencies, referral of suspected fund misuse to the Attorney General, and audit authority for legislative appropriations committee chairs
Legislative Description
Income tax; change certain definitions
Last Action
Effective Date 2022-07-01
5/9/2022
Committee Referrals
Finance3/16/2022
Ways and Means2/16/2021
Full Bill Text
No bill text available