HB 446 (Representative Kelley - R - 16th)

Adds a new Code Section, O.C.G.A. § 48-7-29.16A to provide up to a maximum of $5 million annually in state income tax credits for preapproved contributions to "Qualified" college and career academies as defined in O.C.G.A. § 20-4-37 as outlined below:

Individual taxpayers shall be allowd a credit against state income tax liability for qualified expenses as follows: 

• Single individuals or Head of Household, the lesser of the actual amount donated or $10,000 per year.
• A married couple filing a joint return, the lesser of the actual amount donated or $15,000 per year.
• An individual who is a member of a limited liability company, a shareholder of a Subchapter 'S' Corporation, and/or a partner in a partnership, the lesser of the actual amount donated or $10,000 per year.

Corporations or other entities shall be allowed a credit against tax imposed for qualified contributions the lesse of the actual amount donated or $10,000 per year.

Under no event shall the amount of the tax credit exceed the taxpayer's income tax liability.

In on event shall the aggregate aount of tax credits exceed $5 million per tax year.

No individual or corporate taxpayer shall contribute more than $100,000 per tax year.

Credits for contributions shall be on a "First Come, First Served" basis.  The "pre-approval" of contributions required in the code shall be based solely on the amount of the $5 million annual limit that is remaining at the time of the request to contribute.