O.C.G.A.
O.C.G.A.

O.C.G.A. § 48-7-29.4 (2019)

(Effective until January 1, 2025.) Tax credits for disaster assistance funds received

✓ O.C.G.A. — 2019 edition (Public.Resource.Org Release 73)
Code text and O.C.G.A. statutory annotations on this page reflect the 2019 Official Code of Georgia Annotated (Public.Resource.Org Release 73, 2019-08-21; public domain per Georgia v. Public.Resource.Org, 2020). The Syfert case-law annotations in Notes of Decisions, below, are current.
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(a) A taxpayer who receives disaster assistance during a taxable year from the Georgia Emergency Management and Homeland Security Agency or the Federal Emergency Management Agency shall be allowed a credit against the tax imposed by Code Section 48-7-20 in an amount equal to $500.00 or the actual amount of such disaster assistance, whichever is less. The commissioner may require adequate supporting documentation showing that the taxpayer received such assistance.

(b) In no event shall the total amount of the tax credit under this Code section for a taxable year exceed the taxpayer’s income tax liability. Any unused tax credit shall be allowed the taxpayer against succeeding years’ tax liability. No such credit shall be allowed the taxpayer against prior years’ tax liability.

(c) The commissioner shall be authorized to promulgate any rules and regulations necessary to implement and administer the provisions of this Code section.

History

Code 1981, § 48-7-29.4, enacted by Ga. L. 2000, p. 410, § 1; Ga. L. 2016, p. 91, § 21/SB 416. Delayed effective date. Code Section 48-7-29.4 is set out twice in this Code. This version is effective until

January 1, 2025. For version effective January 1, 2025, see the following version.

Annotations

Cross references. Emergency management, § 38-3-1 et seq. Code Commission notes. Ga. L. 2000, p. 410, § 1; Ga. L. 2000, p.

451, § 1; Ga. L. 2000, p. 845, § 1; and Ga. L. 2000, p. 1445, § 2 each enacted a Code Section 48-7-29.4. Pursuant to Code Section 28-9-5, in 2000, the Code section enacted by Ga. L. 2000, p. 451, § 1 was redesignated as Code Section 48-7-29.5, the Code section enacted by Ga. L. 2000, p. 845, § 1 was redesignated as Code

Section 48-7-29.6, and the Code section enacted by Ga. L. 2000, p. 1445, § 2 was redesignated as Code Section 48-7-29.7. Editor’s notes. Ga. L. 2000, p. 410, § 2, not codified by the General Assembly, makes this Code section applicable to all taxable years beginning on or after January 1, 2000.