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2014 Legislation

•Provides that the Commissioner shall preapprove the tax cred-

HB 348 (O.C.G.A. §§ 48-7-29.18 and 48-7-29.19) This bill

its based on the order in which properly completed applica-

enacts Code Sections 48-7-29.18 and 48-7-29.19 to create a

tions were submitted. In the event that two or more applica-

tax credit for the purchase of an alternative fuel heavy-duty

tions were submitted on the same day and the amount of

vehicle and an alternative fuel medium-duty vehicle.

funds available will not be sufficient to fully fund the tax credits

requested, the Commissioner shall prorate the available funds

Code Section 48-7-29.18:

between or among the applicants.

•Provides a tax credit for the amount expended on or after

July 1, 2015, and before June 30, 2017, to purchase an alter-

•The commissioner shall be authorized to promulgate any rules

native fuel heavy-duty vehicle not to exceed $20,000.00.

and regulations necessary to implement and administer the

provisions of this Code section, including provisions for repay-

•Provides a tax credit for the amount expended on or after

ment of any credit in the event any of the certifications of

July 1, 2015, and before June 30, 2017, to purchase an alter-

paragraph (2) of subsection (a) of this Code section are or

native fuel medium-duty vehicle not to exceed $12,000.00.

become untrue during the five-year period following the date of

application.

•Provides that the tax credits shall be limited to $2.5 million in

House Bill 348 became effective upon its approval by the Gov-

each fiscal year beginning with fiscal year 2016 and ending

ernor on April 4, 2014 and is applicable to taxable years be-

with fiscal year 2017.

ginning on or after January 1, 2015.

•Specifies that in no event shall the total amount of the credit

HB 697 (O.C.G.A. §§ 20-3-316.1 and 20-3-409) The income

for a taxpayer or an affiliated entity for a taxable year exceed

tax portion of this bill (Section 6 and Section 7) provides that

the lesser of the taxpayer’s income tax liability or $250,000.00.

each income tax return (Form 500) for taxable years begin-

No unused portion of the credit shall be allowed the taxpayer

ning on or after January 1, 2015, shall contain appropriate

or an affiliated entity against succeeding years’ tax liabilities.

language, to be determined by the state revenue commis-

No tax credit shall be allowed the taxpayer or an affiliated

sioner, offering the taxpayer the opportunity to contribute to

entity against any prior years’ tax liability. This tax credit

the nonprofit corporations established by subparagraph (Y) of

shall not apply to any vehicle for which the taxpayer or an

paragraph (1) of Code Section 20-3-316 to assist students

affiliated entity has applied for and received a tax credit as set

with educational expenses by either donating all or any part of

forth in Code Section 48-7-40.16 (zero and low emission ve-

any tax refund due and by authorizing a reduction in the re-

hicle credit).

fund check otherwise payable, or by contributing any amount

over and above any amount of tax owed by adding that amount

Code Section 48-7-29.19:

to the taxpayer’s payment. The bill also repeals Code Sec-

•Provides that a taxpayer seeking to claim a tax credit under

tion 20-3-409, which allows taxpayers to contribute to the

Code Section 48-7-29.18 shall submit an application to the

Georgia Student Finance Fund. House Bill 697 is effective on

Commissioner for preapproval of such tax credit. Before any

July 1, 2014.

such application for such tax credit is filed, the applicant shall

have completed the purchase and shall have registered the

HB 782 (O.C.G.A. § 48-2-100) This bill:

qualified vehicle or vehicles in this state.

•Provides an exemption for certain businesses and employees

(out-of-state businesses or out-of-state employees as defined

•Specifies that the application shall include:

in the bill) that enter into this state, on a temporary basis to

oCertification from the Department of Natural Resources that

provide help and assistance in response to a declared state of

the vehicle is an alternative fuel heavy-duty vehicle, or alterna-

disaster or emergency. The exemption applies to income taxes,

tive fuel medium-duty vehicle, as defined in Code Section 48-

net worth taxes, and income tax withholding (and certain other

7-29.18;

state and local taxes, fees, and registration requirements not

administered by the Department).

oA sworn affidavit from the taxpayer certifying that the vehicle

shall accumulate at least 75 percent of its mileage in Georgia

•The bill provides no exemption for transaction taxes and fees

in each year for a five-year period, that it is registered in

including but not limited to fuel taxes, sales taxes, use taxes,

Georgia and shall remain registered in Georgia for no less

hotel taxes, and car rental taxes and fees.

than five years; and

•Any out-of-state business or out-of-state employee that

oAny other information requested by the Commissioner

remains in this state after the disaster or emergency period

pursuant to a rule or regulation. The Commissioner shall

shall become subject to the state’s normal requirements for

create and make available the forms to be used for such

establishing presence, residency, or doing business and shall

applications. Within 60 days of receipt of a properly

comply with all state and local registration, licensing, and filing

completed application, the Commissioner shall preapprove

requirements.

the application if a sufficient amount of available tax credits

remain.

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Form It 611s Instructions - S Corporation Income Tax - Georgia Department Of Revenue - 2014 Page 3

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