Georgia House of Representatives - 1995/1996 Sessions

HB 31 - Income tax; annual adjustments; Consumer Price Index

Page Numbers - 1/ 2

1. Kaye  37th             2. Mann  5th               3. Yates  106th
4. Mills  21st            5. Smith  102nd            6. Bunn  74th


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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              1/11/95  Read 1st Time                                                                
              1/12/95  Read 2nd Time                                                                
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Code Sections amended: 48-7-20, 48-7-26                                                             


HB 31                                             LC 18 6458






                        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 taxable net income brackets applicable to
  1- 5  individual income taxpayers and the amount of certain
  1- 6  exemptions and deductions; to provide an effective date; to
  1- 7  provide for applicability; to repeal conflicting laws; and
  1- 8  for other 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 amounts enumerated in the
  1-17      Georgia Taxable Net Income brackets in paragraph (1) of
  1-18      this subsection with respect to individual income
  1-19      taxpayers shall be annually adjusted by the commissioner
  1-20      by the same percentage as the previous year's increase
  1-21      or decrease in the Consumer Price Index for all urban
  1-22      consumers published by the Bureau of Labor Statistics of
  1-23      the Department of Labor.  The tax calculated according
  1-24      to such rate shall be 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 6458

  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)