Bill > HB597

This bill establishes a tax credit program to support local fire rescue foundations in Georgia, allowing taxpayers to receive tax credits for making qualified contributions to these nonprofit organizations. The bill defines a "qualified fire rescue foundation" as a nonprofit corporation exclusively supporting a single local fire rescue unit, with an annual aggregate tax credit limit of $75 million. Individual taxpayers can receive tax credits up to $5,000 for single filers or $10,000 for married couples filing jointly, while corporations can receive credits up to 75% of their income tax liability. Contributions must be preapproved by the state tax commissioner and can only be used for specific purposes like salary supplements, training, equipment purchases, or collaborative emergency response costs. The bill includes strict reporting requirements for fire rescue foundations, mandates transparency through public website disclosures, and establishes penalties for non-compliance, such as revoking an organization's qualified status. Importantly, taxpayers cannot designate contributions for specific purposes or receive direct benefits from their contributions. The tax credit program will become effective on July 1, 2025, and apply to taxable years beginning on or after January 1, 2026, with unused credits allowed to be carried forward for up to three years.

Budget and Finance

https://www.legis.ga.gov/legislation/70718