Georgia House of Representatives - 1995/1996 Sessions

HB 1049 - Taxable net income reduction; certain retirement contributions

Page Numbers - 1

1. Sherrill  62nd         2. Smith  175th


House Comm: W&M        /                Senate Comm:            /                                   
House Vote: Yeas       Nays             Senate Vote: Yeas     Nays                                  
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               House          Action         Senate                                                 
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              3/14/95  Read 1st Time                                                                
              3/15/95  Read 2nd Time                                                                
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Code Sections amended: 48-7-27                                                                      


HB 1049                                           LC 18 6778






                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Code Section 48-7-27 of the Official Code of
  1- 2  Georgia Annotated, relating to the computation of Georgia
  1- 3  taxable net income for state income tax purposes, so as to
  1- 4  provide for a reduction in such income with respect to
  1- 5  certain individual retirement account contributions; to
  1- 6  provide for conditions and limitations; to provide an
  1- 7  effective date; to provide for applicability; to repeal
  1- 8  conflicting laws; and for other purposes.

  1- 9       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

                         SECTION 1.

  1-10  Code Section 48-7-27 of the Official Code of Georgia
  1-11  Annotated, relating to the computation of Georgia taxable
  1-12  net income for state income tax purposes, is amended in
  1-13  subsection (a) by striking "and" at the end of paragraph
  1-14  (8), by striking the period at the end of paragraph (9) and
  1-15  inserting in its place "; and", and by adding a new
  1-16  paragraph immediately following paragraph (9), to be
  1-17  designated paragraph (10) to read as follows:

  1-18      "(10) An amount equal to the amount of contributions
  1-19      made by a taxpayer to the taxpayer's individual
  1-20      retirement account, but in no event more than
  1-21      $2,000.00."

                         SECTION 2.

  1-22  This Act shall become effective on January 1, 1996, and
  1-23  shall be applicable to all taxable years beginning on or
  1-24  after January 1, 1996.

                         SECTION 3.

  1-25  All laws and parts of laws in conflict with this Act are
  1-26  repealed.






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