Georgia House of Representatives - 1995/1996 Sessions

HB 36 - Income tax; cert corporations; amend provisions

Page Numbers - 1

1. Buck  135th            2. Jamieson  22nd          3. Skipper  137th
4. Royal  164th           5. Culbreth  132nd


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: 48-7-21                                                                      


HB 36                                             LC 18 6438






                        A BILL TO BE ENTITLED
                               AN ACT


  1- 1  To amend Code Section 48-7-21 of the Official Code of
  1- 2  Georgia Annotated, relating to taxation of corporations, so
  1- 3  as to change the manner of calculating and reporting taxable
  1- 4  income of certain corporations; to provide an effective
  1- 5  date; to repeal conflicting laws; and for other purposes.

  1- 6       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

                         SECTION 1.

  1- 7  Code Section 48-7-21 of the Official Code of Georgia
  1- 8  Annotated, relating to taxation of corporations, is amended
  1- 9  by striking subsection (a) and inserting in its place a new
  1-10  subsection (a) to read as follows:

  1-11    "(a) Every domestic corporation and every foreign
  1-12    corporation shall pay annually an income tax equivalent to
  1-13    6 percent of its Georgia taxable net income.  Georgia
  1-14    taxable net income of a corporation shall be the
  1-15    corporation's taxable income from property owned or from
  1-16    business done in this state.  A corporation's taxable
  1-17    income from property owned or from business done in this
  1-18    state shall consist of the corporation's taxable income as
  1-19    defined in the Internal Revenue Code of 1986, with the
  1-20    adjustments provided for in subsection (b) of this Code
  1-21    section and allocated and apportioned as provided in Code
  1-22    Section 48-7-31.  A corporation which is engaged in a
  1-23    unitary business with one or more affiliated corporations
  1-24    is required to report to this state on a domestic water's
  1-25    edge combined reporting basis."

                         SECTION 2.

  1-26  This Act shall become effective upon its approval by the
  1-27  Governor or upon its becoming law without such approval.

                         SECTION 3.

  1-28  All laws and parts of laws in conflict with this Act are
  1-29  repealed.



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