Tax credits for disaster assistance funds received

(a) A taxpayer who receives disaster assistance during a taxable year from the Georgia Emergency Management and Homeland Security Agency or the Federal Emergency Management Agency shall be allowed a credit against the tax imposed by Code Section 48-7-20 in an amount equal to $500.00 or the actual amount of such disaster assistance, whichever is less. The commissioner may require adequate supporting documentation showing that the taxpayer received such assistance. (b) 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 the taxpayer against no more than three succeeding years’ tax liability. No such credit shall be allowed the taxpayer against prior years’ tax liability. (c) The commissioner shall be authorized to promulgate any rules and regulations necessary to implement and administer the provisions of this Code section. History. Code 1981, § 48-7-29.4, enacted by Ga. L. 2000, p. 410, § 1; Ga. L. 2016, p. 91, § 21/SB 416; Ga. L. 2024, p. 794, § 1-1/HB 1181, effective January 1, 2025. Delayed effective date. Code Section 48-7-29.4 is set out twice in this Code. This version is effective January 1, 2025. For version effective until January 1, 2025, see the preceding version. Amendments. The 2024 amendment, effective Janu- ary 1, 2025, inserted “no more than three” in subsection (b). See Editor’s notes for applicability.