Plain English Breakdown
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HB479: Allowing Unused Income Tax Credits to Carry Forward
This bill changes Georgia income tax rules so that taxpayers can use extra credits they cannot claim in one year during future years.
What This Bill Does
- Amends the state code regarding how income taxes are calculated and credited.
- Allows tax credit amounts larger than a taxpayer's current tax to be saved for later use.
- Permits these unused credits to move forward into following tax years.
Who It Names or Affects
- Georgia residents who file state income taxes
- Taxpayers who earn more in eligible credits than they owe in a single year
Terms To Know
- Tax credit
- An amount that reduces the total tax you must pay to the government.
- Carry forward
- Moving an unused benefit from one year to a future year for later use.
Limits and Unknowns
- The bill text does not state how many years the credits can be carried forward.
- The effective date of this law is not listed in the provided information.