Disaster Assistance Credit
On this page find instructions and information on the Disaster Assistance Credit.
- Tax Credit Code: 206
Summary
O.C.G.A. §48-7-29.4 provides for a credit for a taxpayer who receives disaster assistance during a taxable year from the Georgia Emergency Management and Homeland Security 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. For taxable years beginning on or after January 1, 2025, any credits generated but not used may be carried forward for three years. 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 Services Individual and Family Grant Program. Grants from GEMA/HS and/or FEMA.
- Loans from the Small Business Administration that are due to disasters declared by the President or Governor.
Relevant Links
Georgia Department of Human Services
Georgia Emergency Management and Homeland Security Agency (GEMA)
Federal Emergency Management Agency (FEMA)