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GA HB814

Bill

Official Source

Status

Engrossed

2/13/2024

Primary Sponsor

Beth Camp

Click for details

Origin

House of Representatives

2023-2024 Regular Session

AI Summary

  • Amends Georgia Code Section 48-7-21 to allow corporations to subtract from their state taxable income any grants or subgrants received under the federal Broadband Equity, Access, and Deployment (BEAD) Program or the American Rescue Plan Act of 2021 for broadband infrastructure investments
  • The exclusion applies only to the extent such grant or subgrant funds are included in the corporation's federal taxable income under the Internal Revenue Code of 1986
  • The state income tax exclusion is available for taxable years beginning on or after January 1, 2024, and prior to January 1, 2029, creating a five-year window for the benefit
  • Effective July 1, 2024, with retroactive applicability to all taxable years beginning on or after January 1, 2024

Legislative Description

Income tax credit; certain manufacturing and telecommunications facilities; qualified investment property; revise definition

Last Action

Senate Tabled

3/26/2024

Committee Referrals

Rules2/15/2024
Ways and Means3/27/2023

Full Bill Text

No bill text available