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HB 56 - Revenue Code; conform to federal code

Buck, III, Thomas B (135th)	Royal, A. Richard (164th)	Jamieson, Mary Jeanette (22nd)

Status Summary	HC:	W&M	SC:	F&PU	FR:	01/13/99	LA:	04/27/99	Signed by Governor

First Reader Summary

A BILL to amend Chapter 1 of Title 48 of the Official Code of Georgia Annotated, relating to general provisions of the "Georgia Public Revenue Code," so as to revise provisions relating to Georgia taxes; to define the terms "Internal Revenue Code" and "Internal Revenue Code of 1986" and thereby to incorporate provisions of federal law into Georgia law; and for other purposes.

HB 56                                                HB 56/AP 
 
      H. B. No. 56 (AS PASSED HOUSE AND SENATE) 
      By:  Representatives Buck of the 135th, Royal of the 164th 
      and Jamieson of the 22nd 
 
 
                        A BILL TO BE ENTITLED 
                               AN ACT 
 
 
  1- 1  To amend Title 48 of the Official Code of Georgia Annotated, 
  1- 2  relating to revenue and taxation, so as to revise provisions 
  1- 3  relating to Georgia taxes; to define the terms "Internal 
  1- 4  Revenue Code" and "Internal Revenue Code of 1986" and 
  1- 5  thereby to incorporate provisions of federal law into 
  1- 6  Georgia law; to provide that terms used in the Georgia law 
  1- 7  shall have the same meaning as when used in a comparable 
  1- 8  provision or context in federal law; to provide for relief 
  1- 9  from joint and several liability on joint returns for 
  1-10  innocent spouses; to provide for procedures, conditions, and 
  1-11  limitations; to provide for powers, duties, and authority of 
  1-12  the state revenue commissioner; to provide for other matters 
  1-13  related to the foregoing; to provide for an effective date 
  1-14  and applicability; to repeal conflicting laws; and for other 
  1-15  purposes. 
 
  1-16       BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA: 
 
  1-17                           SECTION 1. 
 
  1-18  Title 48 of the Official Code of Georgia Annotated, relating 
  1-19  to revenue and taxation, is amended by striking paragraph 
  1-20  (14) of Code Section 48-1-2, relating to definitions of 
  1-21  terms, and inserting in its place a new paragraph to read as 
  1-22  follows: 
 
  1-23      "(14) 'Internal Revenue Code' or 'Internal Revenue Code 
  1-24      of 1986' means the United States Internal Revenue Code 
  1-25      of 1986 provided for in federal law enacted on or before 
  1-26      January 1, 1998 1999.  In the event a reference is made 
  1-27      in this title to the Internal Revenue Code or the 
  1-28      Internal Revenue Code of 1954 as it existed on a 
  1-29      specific date prior to January 1, 1998 1999, the term 
  1-30      means the Internal Revenue Code or the Internal Revenue 
  1-31      Code of 1954 as it existed on the prior date.  Unless 
  1-32      otherwise provided in this title, any term used in this 
  1-33      title shall have the same meaning as when used in a 
  1-34      comparable provision or context in the Internal Revenue 
  1-35      Code of 1986." 
 
 
                                 -1- 
 
 
 
  2- 1                           SECTION 2. 
 
  2- 2  Said title is further amended by adding a new subsection at 
  2- 3  the end of Code Section 48-7-86, relating to penalty for 
  2- 4  failure to pay or for underpayment of income taxes, to be 
  2- 5  designated subsection (g), to read as follows: 
 
  2- 6      "(g)(1) Notwithstanding any other provision of this Code 
  2- 7      section to the contrary, if: 
 
  2- 8        (A) A joint return has been made for a taxable year; 
 
  2- 9        (B) On such return there is an understatement of tax 
  2-10        attributable to erroneous items of one individual 
  2-11        filing the joint return; 
 
  2-12        (C) The other individual filing the joint return 
  2-13        establishes that in signing the return he or she did 
  2-14        not know, and had no reason to know, that there was 
  2-15        such understatement; 
 
  2-16        (D) Taking into account all the facts and 
  2-17        circumstances, it is inequitable to hold the other 
  2-18        individual liable for the deficiency in tax for such 
  2-19        taxable year attributable to such understatement; and 
 
  2-20        (E) The other individual has made the proper election 
  2-21        pursuant to Section 6015 of the Internal Revenue Code, 
 
  2-22      then the other individual shall be relieved of liability 
  2-23      for tax, including interest, penalties, and other 
  2-24      amounts, for such taxable year to the extent such 
  2-25      liability is attributable to such understatement, if 
  2-26      such other individual has been relieved of liability for 
  2-27      federal income taxes pursuant to Section 6015 of the 
  2-28      Internal Revenue Code. 
 
  2-29      (2) The commissioner shall promulgate any rules and 
  2-30      regulations necessary to implement and administer this 
  2-31      subsection." 
 
  2-32                           SECTION 3. 
 
  2-33  This Act shall become effective upon its approval by the 
  2-34  Governor or upon its becoming law without such approval and 
  2-35  shall apply to taxable years beginning on or after January 
  2-36  1, 1999.  Provisions of the Internal Revenue Code of 1986 
  2-37  which were as of January 1, 1999, enacted into law but not 
  2-38  yet effective shall become effective for purposes of Georgia 
  2-39  taxation on the same dates upon which they become effective 
  2-40  for federal tax purposes. 
 
 
 
                                 -2- 
 
 
 
  3- 1                           SECTION 4. 
 
  3- 2  All laws and parts of laws in conflict with this Act are 
  3- 3  repealed. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                                 -3-