Form It 511 - Individual Income Tax 500 And 500ez Forms And General Instructions - 2013 Page 6
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32NEW DEVELOPMENTS
continued
HB 318 (O.C.G.A. § 48-7-40.30) The income tax portion of
Code Section 20-2A-3:
•
this bill (Section 6) changes the qualified investor tax credit
Provides that the annual report submitted by the SSOs to the
(also known as the angel investor tax credit)
Department by January 12
th
must also include the total num-
ber of families of scholarship recipients who fall within each
•
Extends the tax credit to qualified investments made in 2014
quartile of Georgia adjusted gross income as defined and re-
and 2015.
ported annually by the Department of Revenue and the aver-
age number of dependents of recipients for each quartile.
•
Provides that the total aggregate amount of all tax credits
•Eliminates the requirement that the Department shall not re-
allowed to qualified investors for qualified investments made
in the 2014 calendar year and claimed and allowed in the
quire any other information from the SSO’s.
2016 taxable year shall not exceed $5 million.
•
Specifies that all information, except the statistical informa-
•
Provides that the total aggregate amount of all tax credits
tion, provided by the SSO’s is confidential.
allowed to qualified investors for qualified investments made
in the 2015 calendar year and claimed and allowed in the
Code Section 48-7-29.16, the qualified education expense
2017 taxable year shall not exceed $5 million. Note: The
credit:
total aggregate amount under current law for calendar years
•Defines “eligible student”.
2011, 2012, and 2013 is $10 million per year.
•
Provides that the credit amount for an individual who is a
The income tax portion of House Bill 318 became effective
member of a limited liability company duly formed under state
upon its approval by the Governor on April 29, 2013.
law, a shareholder of a Subchapter ‘S’ corporation, or a partner
in a partnership, is the amount expended or $10,000.00 per
SB 137 (O.C.G.A. § 48-7-40.1) The income tax portion of
tax year, whichever is less; provided, however, that tax credits
this bill (Section 2) makes changes to the job tax credit for
shall only be allowed for the portion of the income on which
less developed areas. The bill:
such tax was actually paid by such member of the limited
liability company, shareholder of a Subchapter ‘S’ corpora-
•
Changes the term “comprised” to “composed” in subsec-
tion, or partner in a partnership.
tion (c).
•
Specifies that the tax credit shall not be allowed if the tax-
•
Gives the Commissioner of Economic Development, the
payer designated the taxpayer’s qualified education expense
authority to designate along with the Commissioner of Com-
for the direct benefit of any particular individual, whether or not
munity Affairs less developed areas described in subsec-
such individual is a dependent of the taxpayer.
tions (c)(1), (c)(3) and (c)(4). Under current law, only the
Commissioner of Community Affairs makes designations of
•
Provides that in soliciting contributions, an SSO shall not
less developed areas.
represent, or direct a qualified private school to represent, that
in exchange for contributing to the SSO, a taxpayer shall re-
The income tax portion of Senate Bill 137 became effective
ceive a scholarship for the direct benefit of any particular indi-
upon its approval by the Governor on May 6, 2013.
vidual, whether or not such individual is a dependent of the
taxpayer. The status as an SSO shall be revoked for any
such organization which violates this provision.
•
Provides that the annual maximum amount (amount of tax
credits allowed per tax year) shall be $58 million and shall no
longer be adjusted annually using the Consumer Price Index.
•
Provides that the preapproval application must be submitted
electronically to the Department in the manner specified by
the Department.
The income tax portions of House Bill 283 became effective
upon its approval by the Governor on May 7, 2013 and are
applicable to taxable years beginning on or after January 1,
2013.
Page 4
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