HB 357 Georgia House · 2025-2026 Regular Session

Revenue and taxation; tax credits for certain contributions made by taxpayers to certain mortgage loan originators; provide

Summary

A BILL to be entitled an Act to amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to imposition, rate, computation, exemption, and credits, so as to provide for tax credits for certain contributions made by taxpayers to certain mortgage loan originators; to provide for definitions; to provide for an aggregate annual limit; to provide for terms and conditions; to provide for applications and certifications; to provide for the revocation of qualified status; to provide for certain penalties; to provide for the promulgation of rules and regulations; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.

Issues: ✓ Budget & Taxes

Bill status died 1 of 4 stages cleared

Introduction

Feb 2025

Committee Review

Floor Vote

Governor

Introduced Feb 10, 2025 Last action Apr 4, 2025

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What changed between versions

LC 62 0083/a → LC 50 1195S/hs · 5 edits

MODERATE

This bill was amended to reduce the annual tax credit cap from $20 million to $10 million, adjust contribution limits, and restructure the application timeline for tax credit preapprovals. The changes aim to better manage available tax credits and provide clearer guidance on when contributions can be processed during the year.

Scope change

The bill's scope remains focused on mortgage loan originator tax credits, but the financial thresholds and administrative procedures have been modified to limit the total credit pool and adjust the timing of credit availability.

FISCAL

Reduced the maximum annual tax credit amount from $20 million to $10 million per calendar year.

Lowered the annual contribution limit per qualified organization from $2 million to $1 million.

TIMELINE

Added a new provision allowing tax credit preapprovals during the period from July 1 to December 31 of each year, in addition to the existing process.

REQUIREMENT

Changed the percentage of income tax liability used to calculate qualified contributions from 75% to 30% for corporations or entities not covered by other categories.

Removed the requirement that taxpayer notices must not require a signed release or notarized approval, simplifying the commissioner's notification process.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Apr 4, 2025

Committee

House Withdrawn, Recommitted

lower

Mar 6, 2025

Lower · Passed

House Committee Favorably Reported By Substitute

lower

Feb 10, 2025

Introduced

House Hopper

lower

1 primary · 0 co-sponsors