(a) A taxpayer shall be allowed a credit against the tax imposed by Code Section 48-7-20 for qualified child and dependent care expenses. Such credit shall be determined by applying a percentage to the amount of the credit provided for in Section 21 of the Internal Revenue Code which is claimed and allowed pursuant to the Internal Revenue Code. Such percentage shall be:(1) Ten percent for all taxable years beginning on or after January 1, 2006, and prior to January 1, 2007;(2) Twenty percent for all taxable years beginning on or after January 1, 2007, and prior to January 1, 2008; and(3) Thirty percent for all taxable years beginning on or after January 1, 2008.(b) 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.(c) The commissioner shall be authorized to promulgate any rules and regulations necessary to implement and administer this Code section.Added by 2006 Ga. Laws 448,§ 1, eff. rior years' tax liability.(c) The commissioner shall be authorized to promulgate any rules and regulations necessary to implement and administer this Code section.Added by 2006 Ga. Laws 448,§ 1, eff. 4/6/2006.
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