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(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 Services.
(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 $6,000.00 per qualified foster child per taxable year commencing with the year in which the adoption becomes final for five taxable years and $2,000.00 per taxable year thereafter; provided, however, that such credit shall end 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 not 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. History. Code 1981, § 48-7-29.15, enacted by Ga. L. 2008, p. 942, § 1/HB 1159; Ga. L. 2009, p. 453, § 2-2/HB 228; Ga. L. 2021, p. 3, § 1/HB 114. The 2021 amendment, effective July 1, 2021, in subsection (b), in the second sentence, substituted “$6,000.00” for “$2,000.00”, substituted “for five taxable years and $2,000.00 per taxable year thereafter; provided, however, that such credit shall end” for “and ending”; and inserted “not” near the beginning of the second sentence of subsection (c). See Editor’s notes for applicability. Cross references. Foster parents bill of rights, T. 49, C. 5, A. 14. Code Commission notes. Pursuant to Code Section 28-9-5, in 2008, Code Section 48-7-29.13, as enacted by Ga. L. 2008, p. 841, § 1/HB 670, was redesignated as Code Section 48-7-29.14; Code Section 48-7-29.13, as enacted by Ga. L. 2008, p. 942, § 1/HB 1159, was redesignated as Code Section 48-7-29.15; and Code Section 48-7-29.13, as enacted by Ga. L. 2008, p. 1108, § 2/HB 1133, was redesignated as Code Section 48-7-29.16. Editor’s notes. Ga. L. 2008, p. 942, § 2/HB 1159, not codified by the General Assembly, provides that this Code section shall be applicable to all taxable years beginning on or after January 1, 2008. Ga. L. 2021, p. 3, § 2/HB 114, not codified by the General Assembly, provides, in part, that this Act “shall be applicable to adoptions occurring in all taxable years beginning on or after January 1, 2021.”