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Bill > SB67

GA SB67

GA SB67
Income Taxes; income tax credit equal to 20 percent of the federal earned income tax credit; provide

summary

Introduced
01/30/2025
In Committee
02/03/2025
Crossed Over
Passed
Dead

Introduced Session

2025-2026 Regular Session

Bill Summary

AN ACT To amend Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes, so as to provide for an income tax credit equal to 20 percent of the federal earned income tax credit; to provide for rules and regulations; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.

AI Summary

This bill introduces a new state income tax credit for Georgia taxpayers equal to 20 percent of their federal Earned Income Tax Credit (EITC), which is a tax benefit designed to help low to moderate-income working individuals and families. The credit will be applied against the state income tax and, uniquely, if the credit amount exceeds the taxpayer's income tax liability, the excess will be refunded directly to the taxpayer. To be eligible, individuals must qualify for the federal EITC, which includes considering any net operating loss carryforwards. The Georgia Department of Revenue (commissioner) is authorized to create rules and regulations for implementing this new tax credit. The bill will become effective on July 1, 2025, and will apply to all taxable years beginning on or after January 1, 2025, meaning taxpayers can first claim this credit when filing their 2025 tax returns in 2026.

Committee Categories

Budget and Finance

Sponsors (18)

Last Action

Senate Read and Referred (on 02/03/2025)

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