Plain English Breakdown
The bill status shows it was passed by the legislature but also lists a last action of 'House Withdrawn, Recommitted,' which creates uncertainty about its final enactment or effective date.
Tax Credits for Contributions to Mortgage Loan Originators
This bill proposes tax credits in Georgia law for taxpayers who make contributions to certain mortgage loan originators.
What This Bill Does
- Amends state laws regarding income tax rates, computation, exemptions, and credits.
- Provides definitions related to the program.
- Sets an aggregate annual limit on the total amount of tax credits available.
- Establishes terms and conditions for participation.
- Requires applications and certifications from participants.
- Allows state officials to revoke qualified status if rules are not followed.
- Includes penalties for violations.
- Gives authority to create necessary rules and regulations.
Who It Names or Affects
- Taxpayers who make contributions to eligible mortgage loan originators.
- Mortgage loan originators that meet the bill's requirements.
- State agencies responsible for tax administration and rule-making.
Terms To Know
- Aggregate annual limit
- The maximum total amount of tax credits allowed to be issued in one year under this program.
- Qualified status
- A designation that can be revoked if a participant fails to meet the bill's terms and conditions.
Limits and Unknowns
- The official text does not specify the exact dollar amounts for contributions or credit limits.
- Specific definitions of 'certain mortgage loan originators' are mentioned but not detailed in the summary provided.
- The specific actions that trigger penalties or revocation of status are listed as topics to be covered, but details are not included in this text.