Bill Text: GA HB412 | 2011-2012 | Regular Session | Introduced

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Bill Title: Tax credit; research and development by business enterprise; remove limitations

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2011-03-02 - House Second Readers [HB412 Detail]

Download: Georgia-2011-HB412-Introduced.html

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11 LC 35 2162

House Bill 412

By: Representative Stephens of the 164th

A BILL TO BE ENTITLED
AN ACT

To amend Code Section 48-7-40.12 of the Official Code of Georgia Annotated, relating to tax credit for qualified research expenses, so as to remove certain limitations on the use of a tax credit for research and development by a business enterprise; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Code Section 48-7-40.12 of the Official Code of Georgia Annotated, relating to tax credit for qualified research expenses, is amended by revising subsection (d) as follows:

"(d) Any unused credit claimed under this Code section may be carried forward ten years from the close of the taxable year in which the qualified research expenses were made. The credit taken in any one taxable year shall not exceed 50 percent of the business enterprise's remaining Georgia net income tax liability after all other credits have been applied."

SECTION 2.

This Act shall become effective on July 1, 2011, and shall be applicable to taxable year 2012 and taxable years thereafter.

SECTION 3.

All laws and parts of laws in conflict with this Act are repealed.