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Bill > HB517

GA HB517

GA HB517
Education; calculation of minimum revenue obligations for scholarships and tuition grants; provide for inclusion of earned interest

summary

Introduced
02/17/2021
In Committee
03/25/2021
Crossed Over
03/08/2021
Passed
04/08/2022
Dead
Signed/Enacted/Adopted
04/28/2022

Introduced Session

2021-2022 Regular Session

Bill Summary

AN ACT To amend Chapter 2A of Title 20 of the Official Code of Georgia Annotated, relating to student scholarship organizations, so as to provide for the inclusion of earned interest in the calculation of minimum revenue obligations for scholarships and tuition grants; to require that student scholarship organization audits are conducted in accordance with generally accepted auditing standards; to provide for the expansion of the scope of such audits; to provide for a deadline by which such audits shall be reported to the Department of Revenue; to require that student scholarship organizations immediately notify the Department of Education if the Department of Revenue ceases preapproving contributions to student scholarship organizations; to require student scholarship organizations to annually submit copies of Form 990s to the Department of Revenue; to provide that student scholarship organizations are solely responsible for verifying student eligibility; to provide for expansion of public reporting requirements; to amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to imposition, rate, computation, and exemptions from state income taxes, so as to provide for qualified education tax credits to be used by certain insurance companies against certain tax liability; to provide for conditions and limitations; to increase the limit available to individuals, heads of household, married couples filing joint returns, and individuals who are members of certain limited liability companies, shareholders of Subchapter "S" corporations, or partners in a partnership; to revise the aggregate annual HB 517/AP limits of the tax credit and provide for increases contingent on the Governor's revenue estimates; to provide for annual determinations by the Office of Planning and Budget; to provide for related matters; to provide for effective dates and applicability; to repeal conflicting laws; and for other purposes.

AI Summary

This bill: 1. Requires student scholarship organizations to include earned interest in the calculation of minimum revenue obligations for scholarships and tuition grants, with the required percentage of revenue obligated for scholarships or tuition grants increasing as the organizations' annual revenue increases. 2. Requires student scholarship organization audits to be conducted in accordance with generally accepted auditing standards and expands the scope of such audits. 3. Requires student scholarship organizations to immediately notify the Department of Education if the Department of Revenue ceases preapproving contributions to the organizations, and to annually submit copies of Form 990s to the Department of Revenue. 4. Provides that student scholarship organizations are solely responsible for verifying student eligibility. 5. Expands public reporting requirements for student scholarship organizations. 6. Allows certain insurance companies to claim qualified education tax credits against their state insurance premium tax liability, subject to certain conditions and limitations. 7. Increases the individual, head of household, and married couple filing joint tax credit limits, and also increases the limit for members of limited liability companies, shareholders of Subchapter "S" corporations, and partners in partnerships. 8. Revises the aggregate annual limits of the tax credit and provides for increases contingent on the Governor's revenue estimates.

Committee Categories

Budget and Finance, Education

Sponsors (7)

Last Action

Effective Date 2022-07-01 (on 04/28/2022)

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