This house bill gives adoptive parents in the State of Ga. even more incentive to adopt children who have been snatched by DFCS/CPS. On top of the stimed they get monthly for these stolen children they now get $2,000.00 annual tax credit for their new purchase until the purchase is 18 years old. This is on top of the regular deduction of dependants, etc. So return on their purchase/envestment is anted up by $2000.00 per year. Quite the return –
08 LC 18 7089/AP
House Bill 1159 (AS PASSED HOUSE AND SENATE)
By: Representatives Lunsford of the 110th, Richardson of the 19th, Walker of the 107th, Neal of the 1st, Butler of the 18th, and others
A BILL TO BE ENTITLED
To amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the imposition, rate, and computation of income tax, so as to provide for an income tax credit with respect to adoption of a qualified foster child; to provide for conditions and limitations; to provide for powers, duties, and authority of the state revenue commissioner with respect to the foregoing; to provide an effective date; to provide for applicability; to repeal conflicting laws; and for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the imposition, rate, and computation of income tax, is amended by adding a new Code section to read as follows:”48-7-29.13.(a) As used in this Code section, the term ‘qualified foster child’ means a foster child who is less than 18 years of age and who is in a foster home or otherwise in the foster care system under the Division of Family and Children Services of the Department of Human Resources.(b) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20 for the adoption of a qualified foster child. The amount of such credit shall be $2,000.00 per qualified foster child per taxable year commencing with the year in which the adoption becomes final and ending in the year in which the adopted child attains the age of 18.(c) 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 to be carried forward to apply to the taxpayer´s succeeding years´ tax liability. No such tax credit shall be allowed the taxpayer against prior years´ tax liability.(d) The commissioner shall be authorized to promulgate any rules and regulations necessary to implement and administer this Code section.”
SECTION 2.This Act shall become effective upon its approval by the Governor or upon its becoming law without such approval and shall be applicable to all taxable years beginning on or after January 1, 2008.
SECTION 3.All laws and parts of laws in conflict with this Act are repealed.