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GA SB361
Bill
Status
Passed
5/9/2022
Primary Sponsor
Larry Walker
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AI Summary
- Creates a Georgia income tax credit for contributions made to qualified local law enforcement foundations, capped at $75 million in aggregate per calendar year, with each foundation limited to $3 million per year in contributions under the program
- Individual filers may claim up to $5,000 per year, married couples filing jointly up to $10,000, and corporations up to 75% of their income tax liability; the credit applies to taxable years from January 1, 2023, through December 31, 2027
- Qualified expenditures by foundations are limited to salary supplements (paid no more than twice annually), officer training, equipment purchases/maintenance, and operational costs of emergency response teams combining law enforcement with behavioral health specialists
- Taxpayers must receive preapproval from the Department of Revenue before contributing, and must complete the contribution within 60 days of preapproval or the authorization expires; unused tax credits may be carried forward for up to five years
- Foundations that fail to comply with reporting and expenditure requirements receive 90 days' written notice to correct deficiencies, after which their qualified status is revoked and remaining funds must be transferred to a compliant foundation within 30 days
Legislative Description
"Law Enforcement Strategic Support Act" or "LESS Crime Act"; enact
Last Action
Effective Date 2022-07-01
5/9/2022
Committee Referrals
Ways and Means2/11/2022
Finance1/25/2022
Full Bill Text
No bill text available