Bill > HB407

This bill introduces a tax credit program to support the Georgia hemp industry by providing financial incentives for businesses that work with local hemp owners and suppliers. Starting in January 2026, taxpayers can receive an income tax credit equal to 10% of their costs of doing business with Georgia-grown hemp owners and suppliers, up to a maximum of $100,000 per taxpayer. The Commissioner of Agriculture will be responsible for establishing guidelines for the tax credit application and distribution, and will provide annual reports tracking the program's impact, including the number of applicants and total tax credits issued. Taxpayers must comply with the program's requirements or risk having their tax credit revoked. Any unused tax credit can be carried forward and applied to the taxpayer's income tax liability for the next five years, but the credit cannot be used to offset prior years' tax liabilities or exceed the taxpayer's current tax liability. The bill aims to stimulate growth and support for the local hemp industry in Georgia by offering this financial incentive.

Budget and Finance

https://www.legis.ga.gov/legislation/70248