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HB 1159 - Income tax; taxable net; retirement income exclusion

Birdsong, Kenneth W (123rd)	Buck, III, Thomas B (135th)	Royal, A. Richard (164th)
Walker, Larry (141st)	Skipper, Jimmy (137th)	Jamieson, Mary Jeanette (22nd)

Status Summary	HC:	W&M	SC:	F&PU	FR:	01/13/00	LA:	03/24/00	Sent to Governor

First Reader Summary

A BILL to amend Code Section 48-7-27 of the Official Code of Georgia Annotated, relating to the computation of taxable net income for income tax purposes, so as to increase the amount of retirement income exclusion; and for other purposes.

HB 1159                                            LC 18 9939 
 
 
 
 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Code Section 48-7-27 of the Official Code of 
  1- 2  Georgia Annotated, relating to the computation of taxable 
  1- 3  net income for income tax purposes, so as to increase the 
  1- 4  amount of retirement income exclusion; to provide for an 
  1- 5  effective date; to provide for applicability; to repeal 
  1- 6  conflicting laws; and for other purposes. 
 
  1- 7       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1- 8                           SECTION 1. 
 
  1- 9  Code Section 48-7-27 of the Official Code of Georgia 
  1-10  Annotated, relating to the computation of taxable net income 
  1-11  for income tax purposes, is amended by striking subparagraph 
  1-12  (a)(5)(A) and inserting in lieu thereof a new subparagraph 
  1-13  (a)(5)(A) to read as follows: 
 
  1-14        "(5)(A) Retirement income otherwise included in 
  1-15        Georgia taxable net income not to exceed the exclusion 
  1-16        amount as follows: 
 
  1-17          (i) For taxable years beginning on or after January 
  1-18          1, 1989, and prior to January 1, 1990, retirement 
  1-19          income not to exceed an exclusion amount of 
  1-20          $8,000.00 per year received from any source; 
 
  1-21          (ii) For taxable years beginning on or after January 
  1-22          1, 1990, and prior to January 1, 1994, retirement 
  1-23          income not to exceed an exclusion amount of 
  1-24          $10,000.00 per year received from any source; 
 
  1-25          (iii) For taxable years beginning on or after 
  1-26          January 1, 1994, and prior to January 1, 1995, 
  1-27          retirement income from any source not to exceed an 
  1-28          exclusion amount of $11,000.00; 
 
  1-29          (iv) For taxable years beginning on or after January 
  1-30          1, 1995, and prior to January 1, 1999, retirement 
  1-31          income from any source not to exceed an exclusion 
  1-32          amount of $12,000.00; 
 
 
 
                                 -1- 
 
 
 
  2- 1          (v) For taxable years beginning on or after January 
  2- 2          1, 1999, and prior to January 1, 2000, retirement 
  2- 3          income from any source not to exceed an exclusion 
  2- 4          amount of $13,000.00.; 
 
  2- 5          (vi) For taxable years beginning on or after January 
  2- 6          1, 2000, and prior to January 1, 2001, retirement 
  2- 7          income not to exceed an exclusion amount of 
  2- 8          $13,500.00 per year received from any source; and 
 
  2- 9          (vii) For taxable years beginning on or after 
  2-10          January 1, 2001, retirement income from any source 
  2-11          not to exceed an exclusion amount of $14,000.00." 
 
  2-12                           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, 2000. 
 
  2-17                           SECTION 3. 
 
  2-18  All laws and parts of laws in conflict with this Act are 
  2-19  repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                 -2-