Bill > HB8

This bill amends Georgia's income tax credit program for investments in qualified businesses by making several key changes. The legislation removes the requirement that investments be made by a "qualified investor" and instead broadens the definition of who can invest, now including any Georgia resident or taxpayer, as well as certain pass-through investment entities. The bill allows tax credits of 35% for investments in early-stage, innovative businesses located in Georgia that meet specific criteria, such as having fewer than 20 employees, gross annual revenue under $500,000, and being primarily engaged in manufacturing, technology, or research and development. The total tax credits available will be capped at $5 million annually, and investors can now transfer unused credits to other Georgia taxpayers. Investors can claim credits up to $50,000 per year, which can be carried forward for three years, and the credits will be subject to recapture under certain conditions, such as transferring securities within two years or the invested business ceasing operations. The bill extends the program until December 31, 2031, and requires annual reporting to legislative committees about the program's utilization and impact.

Budget and Finance

https://www.legis.ga.gov/legislation/69288