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Category: Georgia

Georgia Disaster Assistance Credit

Georgia provides for a credit for a taxpayer who receives disaster assistance during a taxable year from the Georgia Emergency Management Agency or the Federal Emergency Management Agency. The amount of the credit is equal to $500 or the actual amount of the disaster assistance, whichever is less. The credit cannot exceed the taxpayer's income tax liability. Any unused tax credit can be carried forward to the succeeding years' tax liability but cannot be carried back to the prior years' tax liability. The approval letter from the disaster assistance agency must be enclosed with the return.

The following types of assistance qualify:

  • Grants from the Department of Human Resources' Individual and Family Grant Program.
  • Grants from GEMA and/or FEMA.
  • Loans from the Small Business Administration that are due to disasters declared by the President or Governor.