How would one ‘collect’ the credit? Is it something you have to run through the IRS to realize, as in ‘if your taxes are high this is a deduction’?
Per this:
It’s a $5000 state tax credit and you get 5 years to “use it up”
Ga appears to have a pretty high state income tax rate (6% on income over $7000) so if you make 50 grand, you might reclaim it in two tax years.
(disclaimer: I’m in Indiana and just ballparking this off internet data)
You fill out a tax credit form, state tax department validates it, and you get to deduct $5000 from your tax liability (you). Don’t lose the form. I’m looking forward to my state income tax filing for once.
For those slamming “freeloaders”, realize those using it are most likely in the higher tax brackets, so they’re putting in waaaaaaay more than they’re allegedly getting out. If you support lowering taxes, shouldn’t be a problem for someone to lower their taxes (not to be confused with “leeching”, getting out way more than put in).