Bill > HB628

This bill amends Georgia's income tax law to enhance tax credits for contributions to law enforcement foundations by increasing the maximum contribution limit from $3 million to $5 million per year for each qualified law enforcement foundation, and extending the sunset date from 2027 to 2032. Individual taxpayers can now claim tax credits for qualified contributions up to $5,000 for single filers or head of household, $10,000 for married couples filing jointly, and up to $10,000 for members of limited liability companies, S corporation shareholders, and partnerships. Corporations can claim credits up to 75% of their income tax liability. The bill modifies the preapproval process for contributions, requiring taxpayers to electronically notify the department of their intended contribution amount, with the commissioner then preapproving, denying, or prorating requests on a first-come, first-served basis. Taxpayers must contribute the preapproved amount within 60 days, or the preapproval will expire. The total aggregate tax credits allowed under this program remains capped at $75 million per calendar year. The bill will become effective on July 1, 2025, and apply to taxable years beginning on or after January 1, 2026.

Budget and Finance

https://www.legis.ga.gov/legislation/70805