Bill > HB95

This bill creates a new state income tax credit for Georgia taxpayers equal to 20 percent of their federal Earned Income Tax Credit (EITC), a refundable tax benefit designed to assist low to moderate-income working individuals and families. Specifically, the bill allows taxpayers to claim a tax credit that is calculated as 20% of the federal EITC they are eligible for, even if that eligibility includes adding back any net operating loss carryforward. If the credit amount exceeds the taxpayer's state income tax liability for the year, the excess will be refunded to the taxpayer. The tax credit will become effective on July 1, 2025, and will apply to all taxable years beginning on or after January 1, 2025. The bill also authorizes the state tax commissioner to create rules and regulations necessary to implement and administer this new tax credit provision. By providing this additional tax benefit, the bill aims to provide extra financial support to working Georgia residents with lower incomes.

Budget and Finance

https://www.legis.ga.gov/legislation/69448