Wednesday, March 11, 2009

State Rep. Mike Cheokas (D-Americus), along with others co-sponsered Tax credit

A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20 for qualified ad valorem tax expenses in an amount not to exceed the actual amount expended. 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. No amount of unused tax credit shall be allowed the taxpayer against succeeding years' tax liability. No such tax credit shall be allowed the taxpayer against prior years' tax liability. In any tax year in which the commissioner determines that the aggregate amount of state reserve funds is less than $500 million, no tax credit shall be claimed or allowed under this Code section for that tax year.

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