Bill > HB98

This bill introduces a new state income tax credit in Georgia that is equal to 10 percent of the federal Child Tax Credit. Specifically, taxpayers will receive a tax credit calculated as 10% of the federal credit they are allowed under Section 24 of the Internal Revenue Code, even if the credit is determined after accounting for any net operating loss carryforwards. If the tax credit amount exceeds the taxpayer's income tax liability for the year, the excess will be refunded to the taxpayer, making it a potentially valuable benefit for families with children. The bill allows the state commissioner of revenue to create necessary rules and regulations for implementing this new tax credit. The tax credit will become effective on July 1, 2025, and will apply to all taxable years beginning on or after January 1, 2025, providing a new form of tax relief for Georgia residents with children.

Budget and Finance

https://www.legis.ga.gov/legislation/69451