Georgia House of Representatives - 1995/1996 Sessions

HB 2 - Income tax; personal exemptions; increase

Page Numbers - 1/ 2

1. Buck  135th            2. Royal  164th            3. Jamieson  22nd
4. Skipper  137th         5. Culbreth  132nd         6. 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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              1/9/95   Read 1st Time                                                                
              1/10/95  Read 2nd Time                                                                
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Rules Suspended to Introduce                                                                        
                                                                                                    
Code Sections amended: 48-7-26                                                                      


HB 2                                              LC 18 6401






                        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 imposition, rate,
  1- 3  computation, and exemptions regarding income taxes, so as to
  1- 4  increase the amount of certain exemptions; to provide for
  1- 5  applicability; to provide an effective date; to repeal
  1- 6  conflicting laws; and for other purposes.

  1- 7       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

                         SECTION 1.

  1- 8  Article 2 of Chapter 7 of Title 48 of the Official Code of
  1- 9  Georgia Annotated, relating to imposition, rate,
  1-10  computation, and exemptions regarding income taxes, is
  1-11  amended by striking subsection (b) of Code Section 48-7-26,
  1-12  relating to personal exemptions with respect to income
  1-13  taxes, and inserting in its place a new subsection (b) to
  1-14  read as follows:

  1-15        "(b)(1)(A) For taxable years beginning on or after
  1-16        January 1, 1995, and prior to January 1, 1996, an An
  1-17        exemption of $3,000.00 $4,000.00 shall be allowed as a
  1-18        deduction in computing Georgia taxable income of a
  1-19        taxpayer and spouse, but only if a joint return is
  1-20        filed.

  1-21        (B) For taxable years beginning on or after January 1,
  1-22        1996, an exemption of $5,000.00 shall be allowed as a
  1-23        deduction in computing Georgia taxable income of a
  1-24        taxpayer and spouse, but only if a joint return is
  1-25        filed.

  1-26        (2)(A) For taxable years beginning on or after January
  1-27        1, 1995, and prior to January 1, 1996, an An exemption
  1-28        of $1,500.00 $2,000.00 shall be allowed as a deduction
  1-29        in computing Georgia taxable income for each taxpayer
  1-30        other than a taxpayer who files a joint return.

  1-31        (B) For taxable years beginning on or after January 1,
  1-32        1996, an exemption of $2,500.00 shall be allowed as a



                                 -1- (Index)

                                                  LC 18 6401

  2- 1        deduction in computing Georgia taxable income for each
  2- 2        taxpayer other than a taxpayer who files a joint
  2- 3        return.

  2- 4        (3)(A) For taxable years beginning on or after January
  2- 5        1, 1994, and prior to January 1, 1995, an exemption of
  2- 6        $2,000.00 for each dependent of a taxpayer shall be
  2- 7        allowed as a deduction in computing Georgia taxable
  2- 8        income of the taxpayer.

  2- 9        (B) For taxable years beginning on or after January 1,
  2-10        1995, an exemption of $2,500.00 for each dependent of
  2-11        a taxpayer shall be allowed as a deduction in
  2-12        computing Georgia taxable income of the taxpayer."

                         SECTION 2.

  2-13  This Act shall become effective upon its approval by the
  2-14  Governor or upon its becoming law without such approval and
  2-15  shall be applicable to all taxable years beginning on or
  2-16  after January 1, 1995.

                         SECTION 3.

  2-17  All laws and parts of laws in conflict with this Act are
  2-18  repealed.

























                                 -2- (Index)