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GA HB1181
Bill
Status
Passed
5/6/2024
Primary Sponsor
Charles Martin
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AI Summary
- Reduces carry-forward periods for numerous Georgia income tax credits, generally cutting ten-year carry-forwards to five years and five-year carry-forwards to three years, applicable to unused credits generated in taxable years beginning on or after January 1, 2025
- Affected credits include those for job creation in less developed areas, manufacturing/telecommunications facility investment, qualified research expenses, film/gaming/digital production, real property donations, student scholarship contributions, foster child support contributions, and many others
- Establishes a December 31, 2029 sunset (repeal) date for several income tax credits, including credits for qualified health insurance expenses, alternative fuel/low-emission vehicles, leased motor vehicles for business enterprises, and qualified investments in research funds
- Adds December 31, 2029 sunset dates to approximately 20 state sales and use tax exemptions — including exemptions for sales to coliseum authorities, Daughters of the American Revolution chapters, museums, parent-teacher organizations, mobility enhancing equipment, coins/currency, and others — as well as exemptions related to wine excise taxes, insurance company taxes, tobacco taxes for veterans homes, and disabled first responder motor vehicle tax fees
- Effective January 1, 2025, with the carry-forward reductions applying only to unused tax credits generated during taxable years beginning on or after that date
Legislative Description
Income tax; limit carry-forward periods of certain income tax credits
Last Action
Effective Date 2025-01-01
5/6/2024
Committee Referrals
Finance2/29/2024
Ways and Means2/8/2024
Full Bill Text
No bill text available