Georgia House of Representatives - 1995/1996 Sessions

HB 14 - Income tax; annual adjustments; Consumer Price Index

Page Numbers - 1/ 2

1. Kaye  37th


House Comm:            /                Senate Comm:            /                                   
House Vote: Yeas       Nays             Senate Vote: Yeas     Nays                                  
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               House          Action         Senate                                                 
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Code Sections amended: 48-7-20, 48-7-26                                                             


HB 14                                             LC 18 6410






                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Article 2 of Chapter 7 of Title 48 of the Official
  1- 2  Code of Georgia Annotated, relating to state income
  1- 3  taxation, so as to provide for annual adjustments with
  1- 4  respect to the income tax rate applicable to individual
  1- 5  income taxpayers and the amount of certain exemptions and
  1- 6  deductions; to provide an effective date; to provide for
  1- 7  applicability; to repeal conflicting laws; and for other
  1- 8  purposes.

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

                         SECTION 1.

  1-10  Article 2 of Chapter 7 of Title 48 of the Official Code of
  1-11  Georgia Annotated, relating to state income taxation, is
  1-12  amended by adding a new paragraph at the end of subsection
  1-13  (b) of Code Section 48-7-20, relating to income tax rates,
  1-14  to be designated paragraph (3) to read as follows:

  1-15      "(3) For taxable years beginning in calendar year 1996
  1-16      and future calendar years, the rate of taxation provided
  1-17      for in paragraph (1) of this subsection with respect to
  1-18      individual income taxpayers shall be annually adjusted
  1-19      by the commissioner by the same percentage as the
  1-20      previous year's increase or decrease in the Consumer
  1-21      Price Index for all urban consumers published by the
  1-22      Bureau of Labor Statistics of the Department of Labor.
  1-23      The tax calculated according to such rate shall be
  1-24      rounded to the nearest $10.00."

                         SECTION 2.

  1-25  Said article is further amended by adding a new paragraph at
  1-26  the end of subsection (b) of Code Section 48-7-26, relating
  1-27  to personal exemptions, to be designated paragraph (4), to
  1-28  read as follows:

  1-29      "(4) For taxable years beginning in calendar year 1996
  1-30      and future calendar years, the deduction and exclusion
  1-31      amounts provided for in this subsection shall be



                                 -1- (Index)

                                                  LC 18 6410

  2- 1      annually adjusted by the commissioner by the same
  2- 2      percentage as the previous year's increase or decrease
  2- 3      in the Consumer Price Index for all urban consumers
  2- 4      published by the Bureau of Labor Statistics of the
  2- 5      Department of Labor.  Such deduction and exclusion
  2- 6      amounts shall be rounded to the nearest $10.00."

                         SECTION 3.

  2- 7  This Act shall become effective upon its approval by the
  2- 8  Governor or upon its becoming law without such approval.

                         SECTION 4.

  2- 9  All laws and parts of laws in conflict with this Act are
  2-10  repealed.


































                                 -2- (Index)