Form It 611 - Corporation Income Tax Forms And General Instructions - 2013 Page 4
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23NEW INFORMATION
2013 Legislation
the SSO shall require that if the designated student be-
HB 266 (O.C.G.A. § 48-1-2 and 48-7-40.12) There are
comes ineligible or for any other reason the qualified
two sections of this bill (Section 1 and Section 3) that
affect income tax. Section 1 is applicable to taxable
school or program elects not to continue disbursement
years beginning on or after January 1, 2012 (thus it also
of the multiyear scholarship or tuition grant to the desig-
includes the 2013 tax year). The bill adopts certain pro-
nated student for all the projected years, then the quali-
visions of all federal laws related to the computation of
fied school or program shall immediately return the re-
Federal Adjusted Gross Income (Federal Taxable In-
maining funds to the SSO.
come for non-individuals) that were enacted on or be-
•
Specifies that once the SSO designates obligated rev-
fore January 3, 2013. Please see the Federal Tax
enues for specific student recipients, in the case of
Changes section for more information.
multiyear scholarships or tuition grants for which the
SSO distributes the obligated and designated revenues
Section 3 clarifies that any tax credits earned for quali-
to a qualified school or program annually rather than in
fied research expenses under Code Section 48-7-40.12
one disbursement, if the designated student becomes
in any taxable year beginning before January 1, 2012,
ineligible or for any other reason the SSO elects not to
and any carryforward attributable thereto, are governed
continue disbursement for all years, then the SSO shall
by such Code section in effect for the taxable year in
designate any remaining previously obligated revenues
which the credit was earned. Section 3 of House Bill
for a new specific student recipient on or before the end
266 became effective upon its approval by the Gover-
of the following calendar year.
nor on March 5, 2013 and is applicable to all taxable
years beginning on or after January 1, 2012.
•
Provides that each SSO in awarding scholarships or
tuition grants shall consider financial needs of students
HB 283 (O.C.G.A. §§ 20-2A-1, 20-2A-2, 20-2A-3, and
based on all sources.
48-7-29.16) The income tax portions of this bill (Sec-
tions 33A through 33D) make changes to the Qualified
•
Provides that until obligated revenues are designated
Education Expense Credit as follows:
for specific students, the SSO shall hold the obligated
revenues in a bank or investment account owned by
Code Section 20-2A-1:
•
the SSO and over which it has complete control.
Changes the definition of “eligible student”.
•
Specifies that the audit must verify that the SSO has
Code Section 20-2A-2:
•
complied with all requirements of Code Section 20-2A-
Modifies the percentage amount that student scholar-
2, including but not limited to financial requirements.
ship organizations (SSOs) must obligate from their rev-
Each SSO shall provide a copy of the audit to the De-
enue received from donations for scholarships or tu-
partment in accordance with Code Section 20-2A-3.
ition grants based on the donation revenue received.
•
•
Provides that notwithstanding Code Sections 20-2A-7,
Provides that on or before the end of the calendar year
following the calendar year in which an SSO receives
48-2-15, 48-7-60, and 48-7-61, if the copy of the audit
revenues from donations and obligates them for the
submitted fails to verify that the SSO obligated its an-
awarding of scholarships or tuition grants, the SSO shall
nual revenue received from donations for scholarships
designate the obligated revenues for specific student
or tuition grants as required by the statute; that obligated
revenues were designated for specific student recipi-
recipients. Once the SSO designates obligated rev-
enues for specific student recipients, in the case of
ents within the statutory time frame; and that all obli-
multiyear scholarships or tuition grants, the SSO may
gated and designated revenue distributed to a qualified
distribute the entire obligated and designated revenues
school or program for the funding of multiyear scholar-
to a qualified school or program to be held in accor-
ships or tuition grants complied with all applicable De-
partment rules, then the Department shall post on its
dance with the Department rule for distribution to the
specified recipients during the years in which the recipi-
website the details of such failure to verify. Until any such
ents are projected in writing by the private school to be
noncompliant SSO submits an amended audit, which,
enrolled at the qualified school or program. In making a
to the satisfaction of the Department, contains the re-
multiyear distribution to a qualified school or program,
quired verifications, the Department shall not preapprove
any contributions to the noncompliant SSO.
Page 2
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