Signed by Governor Sonny Perdue

Vote Smart's Synopsis:

Vote to pass a bill that amends tax law concerning nonresidents and low-income residents, beginning January 1, 2010.

Highlights:

-Defines "taxable nonresident" as any individual who is not a resident of the state for income tax purposes and who regularly engaged in a prior year within this state, by himself or herself in activity for financial gain or profit where they received income from such activity in the form of deferred compensation or income from the exercise of stock options that exceeded 5 percent during the taxable year or $5,000 (Sec. 1). -Allows a tax credit claimed by a resident taxpayer to be deductible from their individual income tax liability for the tax year, however, the total amount of the tax credit shall not exceed the taxpayer's income tax liability (Sec. 3). -Prohibits any unused credit amount to be transferred to the taxpayer's succeeding years' tax liability (Sec. 3).

Full Bill Text