Georgia § 48-7-29 - 7. Tax credit for depository financial institutions.
Full text of Georgia Official Code of Georgia Annotated § 48-7-29 — 7. Tax credit for depository financial institutions., with citation guidance and answers to common questions.
§ 48-7-29. 7. Tax credit for depository financial institutions.
There shall be a dollar-for-dollar credit against the state income tax liability of depository financial institutions which shall be equal to the amount of taxes, if any, paid by such taxpayers pursuant to Code Section 48-6-93 and Code Section 48-6-95. If the liability of any such institutions under the taxes authorized by Code Section 48-6-93 and Code Section 48-6-95 exceeds the income tax liability of such institution for any year, the amount of any unused credit under this Code section may be credited over a period of five years from the tax year in which the unused credit arose. If the assets of an institution are acquired by another institution in a transaction described in Section 381(a) of the Internal Revenue Code of 1986, the acquiring institution shall succeed to and take into account any unused credit of the distributor or transferor institution. If a depository financial institution has elected Subchapter "S" status pursuant to the conditions specified in subparagraph (b)(7)(B) of Code Section 48-7-21, the credits authorized by this subsection may be passed through on a pro rata basis to the institution's shareholders. If the amount of any such pro rata credit exceeds a shareholder's individual income tax liability, then such unused credit may be credited over a period of five years from the tax year in which the unused credit arose. No such credit shall be allowed the taxpayer against prior years' tax liability. The commissioner shall be authorized to promulgate any rules and regulations necessary to implement and administer the provisions of this Code section. (Code 1981, § 48-7-29.7 , enacted by Ga. L. 2000, p. 1445, § 2.) Code Commission notes. - Pursuant to Code Section 28-9-5, in 2000, this Code section, enacted as Code Section 48-7-29.4, was redesignated as Code Section 48-7-29.7. Editor's notes. - Ga. L. 2000, p. 1445, § 5, not codified by the General Assembly, makes this Code section applicable to all taxable years beginning on or after January 1, 2001.
Source: official Georgia text · Last verified 2026-08-27
Frequently Asked Questions About Georgia § 48-7-29
What does Official Code of Georgia Annotated § 48-7-29 cover?
Section 48-7-29 ("7. Tax credit for depository financial institutions.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 48-7-29?
A common citation format is "Official Code of Georgia Annotated § 48-7-29" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 48-7-29 apply to my situation?
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Sources & Verification
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