Bill > HB357

This bill creates a new tax credit program for contributions made to certain exempted mortgage loan originators in Georgia, effective from January 1, 2026 through December 31, 2030. The bill establishes an annual statewide tax credit limit of $10 million, with individual contribution limits varying based on taxpayer type: single individuals or heads of household can claim up to $5,000 per year, married couples filing jointly can claim up to $10,000, and corporations can claim up to 30% of their income tax liability. Taxpayers must first obtain preapproval from the state tax commissioner before making contributions, and contributions are subject to a first-come, first-served approval process. Qualified organizations (exempted mortgage loan originators) must use at least 90% of contributions for their intended purposes, maintain detailed financial records, and can be disqualified for misuse of funds. Importantly, taxpayers cannot direct their contributions to specific purposes or individuals, and the tax credits cannot be used for amounts already claimed as tax deductions. The bill aims to provide a structured mechanism for taxpayers to support certain mortgage loan originators while offering tax incentives, with strict oversight to ensure proper use of contributed funds.

Budget and Finance

https://www.legis.ga.gov/legislation/70119