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Bill > HB34
GA HB34
GA HB34Income tax; purchases and acquisitions of qualified investment property for manufacturing and telecommunications facilities to include mining facilities; expand credit
summary
Introduced
01/13/2023
01/13/2023
In Committee
Crossed Over
Passed
Dead
03/28/2024
03/28/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
AN ACT To amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to imposition, rate, computation, exemptions, and credits relative to state income tax, so as to expand the credits allowable for purchases and acquisitions of qualified investment property for manufacturing and telecommunications facilities to include mining facilities; to revise definitions; to provide for an effective date and application; to provide for related matters; to repeal conflicting laws; and for other purposes.
AI Summary
This bill expands the existing tax credits for purchases and acquisitions of qualified investment property for manufacturing and telecommunications facilities to include mining facilities. It revises the definitions of "qualified investment property" to include mining facilities and updates the credit amounts and eligibility requirements, particularly for facilities located in rural counties. The bill also provides additional flexibility for taxpayers to apply unused credits from prior years towards their state income tax liability and quarterly/monthly tax payments. Overall, the bill aims to encourage investment in manufacturing, mining, and telecommunications facilities, especially in rural areas of Georgia.
Committee Categories
Budget and Finance
Sponsors (5)
Last Action
House Second Readers (on 01/24/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.ga.gov/legislation/63528 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/212483 |
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