Georgia Code
Article 2 - Imposition, Rate, Computation, Exemptions, and Credits
§ 48-7-29.16. [Effective January 1, 2023. See note.] Tax Credits for Contributions to Student Scholarship Organizations

(c.1) A business enterprise shall be allowed a credit against the tax imposed by Code Section 33-8-4 in an amount equal to its qualified education expenses or 75 percent of the business enterprise’s state insurance premium tax liability owed pursuant to Code Section 33-8-4, whichever is less; provided, however, that the amount of such credit shall not exceed $1 million.
(1.1) In no event shall the aggregate amount of tax credits allowed under this Code section to all business enterprises for state insurance premium tax liability owed pursuant to Code Section 33-8-4 exceed $6 million for any year.
History. Code 1981, § 48-7-29.16 , enacted by Ga. L. 2008, p. 1108, § 2/HB 1133; Ga. L. 2009, p. 816, § 6/HB 485; Ga. L. 2011, p. 529, § 2/HB 325; Ga. L. 2013, p. 1061, § 33D/HB 283; Ga. L. 2018, p. 644, § 1/HB 217; Ga. L. 2022, p. 150, § 2-1/HB 517.
Delayed effective date.
Code Section 48-7-29.16 is set out twice in this Code. This version, as set out above, is effective January 1, 2023. For version effective until January 1, 2023, see the preceding version.
The 2022 amendment, effective January 1, 2023, added paragraph (a)(1) and redesignated former paragraphs (a)(1) through (a)(4) as present paragraphs (a)(2) through (a)(5), in paragraph (a)(3), inserted “or business enterprise” near the beginning; substituted “$2,500.00” for “$1,000.00” in paragraph (b)(1), substituted “$5,000.00” for “$2,500.00” in paragraph (b)(2), substituted “$25,000.00” for “$10,000.00” in paragraph (b)(3); added subsection (c.1); inserted “or business enterprise” twice in paragraph (d)(1), twice in paragraph (d)(2), seven times in paragraph (f)(3), and once in paragraph (h)(1); substituted “its qualified” for “the taxpayer’s qualified” in paragraph (d)(1); rewrote subsection (e), which read: “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 the succeeding five years’ tax liability. No such credit shall be allowed the taxpayer against prior years’ tax liability.”; rewrote subparagraphs (f)(1)(B) and (f)(1)(C), which read: “(B) One hundred million dollars for tax years beginning on January 1, 2019, and ending on December 31, 2028; and
“(C) Fifty-eight million dollars for the tax year beginning on January 1, 2029, and for all subsequent tax years.”; added paragraph (f)(1.1); added “or the additional limitation specific to business enterprises prescribed in paragraph (1.2) of this subsection” at the end of the fifth sentence in paragraph (f)(3) and at the end of the first sentence in (f)(4); and, rewrote subsection (g), which read: “In order for the taxpayer to claim the student scholarship organization tax credit under this Code section, a letter of confirmation of donation issued by the student scholarship organization to which the contribution was made shall be attached to the taxpayer’s tax return. However, in the event the taxpayer files an electronic return, such confirmation shall only be required to be electronically attached to the return if the Internal Revenue Service allows such attachments when the data is transmitted to the department. In the event the taxpayer files an electronic return and such confirmation is not attached because the Internal Revenue Service does not, at the time of such electronic filing, allow electronic attachments to the Georgia return, such confirmation shall be maintained by the taxpayer and made available upon request by the commissioner. The letter of confirmation of donation shall contain the taxpayer’s name, address, tax identification number, the amount of the contribution, the date of the contribution, and the amount of the credit.” See Editor’s notes for applicability.
Editor’s notes.
Ga. L. 2022, p. 150, § 3-1/HB 517, not codified by the General Assembly, makes this Code section applicable to all taxable years beginning on or after January 1, 2023.

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