Yes. The tax benefit shall be the reduced tax for the current tax year due to the deduction for the repaid income or the reduction in tax for the prior year or years due to the exclusion of the repaid income. The reduction in tax shall qualify as a refundable tax credit on the return for the current year.
(b) No credit will be allowed unless Georgia income tax was actually paid in the prior year or if the taxpayer was not subject to Georgia income tax. § 48-7-28.1 - Tax benefit
This would require you to print and mail the tax return then adding the credit as a payment on Line 27, Form 500, and including an explanation with the return about the repayment. There is no income reduction on the Georgia (GA) return based on the information above. There is no specific credit code for this entry on your GA return.
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