HB 1437 - Income tax; employer social security credit; allow deduction

First Reader Summary

A BILL to amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to imposition, rate, and computation of income taxes, so as to provide a deduction for certain employer social security tax payments; and for other purposes.

Page Numbers - 1

Code Sections - 48-7-28.2

HB 1437                                           LC 18 8737S 
 
 
 
 
 
 
                        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, and 
  1- 3  computation of income taxes, so as to provide a deduction 
  1- 4  for certain employer social security tax payments; to 
  1- 5  provide for a definition; to provide for an effective date; 
  1- 6  to provide for applicability; to repeal conflicting laws; 
  1- 7  and for other purposes. 
 
  1- 8       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1- 9                           SECTION 1. 
 
  1-10  Article 2 of Chapter 7 of Title 48 of the Official Code of 
  1-11  Georgia Annotated, relating to imposition, rate, and 
  1-12  computation of income taxes, is amended by adding a new Code 
  1-13  section immediately following Code Section 48-7-28.1, to be 
  1-14  designated Code Section 48-7-28.2, to read as follows: 
 
  1-15    "48-7-28.2. 
 
  1-16    (a) As used in this Code section, the term 'employer 
  1-17    social security credit' means the employer social security 
  1-18    credit defined in Section 45B(a) of the Internal Revenue 
  1-19    Code of 1986, as amended. 
 
  1-20    (b) If an employer elects to take an employer social 
  1-21    security credit pursuant to Section 38 of the Internal 
  1-22    Revenue Code  of 1986, as amended, the employer, in 
  1-23    calculating Georgia taxable net income, shall be allowed a 
  1-24    deduction equal to the employer social security credit." 
 
  1-25                           SECTION 2. 
 
  1-26  This Act shall become effective January 1, 1999, and shall 
  1-27  be applicable to all taxable years beginning on or after 
  1-28  that date. 
 
  1-29                           SECTION 3. 
 
  1-30  All laws and parts of laws in conflict with this Act are 
  1-31  repealed. 
 
 
 
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