sonnylax said:
So it's a $5k Tax Credit, assuming you have at least $5K in GA Tax Liability for the Fiscal Year. Regardless of what money is withheld OR what ever GA Tax Credits you are entitled too?
Almost. It is a $5k tax credit, assuming you have $5k in GA tax liability WITHIN THE NEXT 5 YEARS. This credit CAN be carried over for up to 5 years. And the second part is correct, this is regardiless of what money is withheld or other credits (as long as those other credits don't take your tax liability to $0).
EDIT:
I wanted to clarify this a bit. Say you have $2,400 in GA tax liability this year, so you want to use the credit. So you could use $2,400 of it this year, leaving a $2,600 carryover. Now suppose you still had $2,400 in tax liability in year 2. The $2,600 you didn't use the previous year can be applied to this, reducing your tax liability in year 2 to $0 again. In year 3, you again have $2,400 in tax liability, but there is $200 of the credit you still haven't used. This can be applied in year 3, bringing the tax liability down to $2,200.
So as long as you will have $5,000 in tax liability in the next 5 years, you should be able to use the entire tax credit.