Georgia § 48-7-29-4 Tax credits for disaster assistance funds received

Georgia Statutes

§ 48-7-29-4 — Tax credits for disaster assistance funds received

Georgia § 48-7-29-4

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This text of Georgia § 48-7-29-4 (Tax credits for disaster assistance funds received) is published on Counsel Stack Legal Research, covering Georgia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

O.C.G.A. § 48-7-29-4 (2026).

Text

(a)A taxpayer who receives disaster assistance during a taxable year from the Georgia Emergency Management and Homeland Security Agency or the Federal Emergency Management Agency shall be allowed a credit against the tax imposed by Code Section 48-7-20 in an amount equal to $500.00 or the actual amount of such disaster assistance, whichever is less. The commissioner may require adequate supporting documentation showing that the taxpayer received such assistance.

(b)In no event shall the total amount of the tax credit under this Code section for a taxable year exceed the taxpayer's income tax liability. Any unused tax credit shall be allowed the taxpayer against no more than three succeeding years' tax liability. No such credit shall be allowed the taxpayer against prior years' tax liabil

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(a) A taxpayer who receives disaster assistance during a taxable year from the Georgia Emergency Management and Homeland Security Agency or the Federal Emergency Management Agency shall be allowed a credit against the tax imposed by Code Section 48-7-20 in an amount equal to $500.00 or the actual amount of such disaster assistance, whichever is less. The commissioner may require adequate supporting documentation showing that the taxpayer received such assistance. (b) In no event shall the total amount of the tax credit under this Code section for a taxable year exceed the taxpayer's income tax liability. Any unused tax credit shall be allowed the taxpayer against no more than three succeeding years' tax liability. No such credit shall be allowed the taxpayer against prior years' tax liability. (c) The commissioner shall be authorized to promulgate any rules and regulations necessary to implement and administer the provisions of this Code section.

Legislative History

Amended by 2024 Ga. Laws 598,§ 1-1, eff. 1/1/2025, app. only to unused tax credits generated during taxable years beginning on or after 1/1/2025. Amended by 2016 Ga. Laws 335,§ 21, eff. 7/1/2016.