| HB 66 - Income tax; amend provisions |
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 tax, so as to change certain provisions
regarding taxation of individuals; and for other purposes.
| House |
Action |
Senate |
| 1/13/99 |
Read 1st Time |
|
| 1/14/99 |
Read 2nd Time |
|
HB 66 LC 18 9136
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 tax, so as to change certain
1- 4 provisions regarding taxation of individuals; to repeal
1- 5 conflicting laws; and for other purposes.
1- 6 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
1- 7 SECTION 1.
1- 8 Article 2 of Chapter 7 of Title 48 of the Official Code of
1- 9 Georgia Annotated, relating to imposition, rate, and
1-10 computation of income tax, is amended by striking Code
1-11 Section 48-7-20, relating to individual tax rates, which
1-12 reads as follows:
1-13 "48-7-20.
1-14 (a) A tax is imposed upon every resident of this state
1-15 with respect to the Georgia taxable net income of the
1-16 taxpayer as defined in Code Section 48-7-27. A tax is
1-17 imposed upon every nonresident with respect to such
1-18 nonresident's Georgia taxable net income not otherwise
1-19 exempted which is received by the taxpayer from services
1-20 performed, property owned, proceeds of any lottery prize
1-21 awarded by the Georgia Lottery Corporation, or from
1-22 business carried on in this state. Except as otherwise
1-23 provided in this chapter, the tax imposed by this
1-24 subsection shall be levied, collected, and paid annually.
1-25 (b)(1) The tax imposed pursuant to subsection (a) of
1-26 this Code section shall be computed in accordance with
1-27 the following tables:
1-28 SINGLE PERSON
1-29 If Georgia Taxable
1-30 Net Income Is: The Tax Is:
1-31 Not over $750.00 ............... 1%
-1-
2- 1 Over $750.00 but not over
2- 2 $2,250.00 ...................... $7.50 plus 2% of amount
2- 3 Over $2,250.00 but not over
2- 4 $3,750.00 ...................... $37.50 plus 3% of
2- 5 Over $3,750.00 but not over
2- 6 $5,250.00 ...................... $82.50 plus 4% of
2- 7 Over $5,250.00 but not over
2- 8 $7,000.00 ...................... $142.50 plus 5% of
2- 9 Over $7,000.00 ................. $230.00 plus 6% of
2-10 MARRIED PERSON FILING A SEPARATE RETURN
2-11 If Georgia Taxable
2-12 Net Income Is: The Tax Is:
2-13 Not over $500.00 ............... 1%
2-14 Over $500.00 but not over
2-15 $1,500.00 ...................... $5.00 plus 2% of amount
2-16 Over $1,500.00 but not over
2-17 $2,500.00 ...................... $25.00 plus 3% of
2-18 Over $2,500.00 but not over
2-19 $3,500.00 ...................... $55.00 plus 4% of
2-20 Over $3,500.00 but not over
2-21 $5,000.00 ...................... $95.00 plus 5% of
2-22 Over $5,000.00 ................. $170.00 plus 6% of
2-23 HEAD OF HOUSEHOLD AND MARRIED PERSONS
2-24 FILING A JOINT RETURN
2-25 If Georgia Taxable
2-26 Net Income Is: The Tax Is:
2-27 Not over $1,000.00 ............ 1%
-2-
3- 1 Over $1,000.00 but not over
3- 2 $3,000.00 ..................... $10.00 plus 2% of amount
3- 3 Over $3,000.00 but not over
3- 4 $5,000.00 ..................... $50.00 plus 3% of amount
3- 5 Over $5,000.00 but not over
3- 6 $7,000.00 ..................... $110.00 plus 4% of
3- 7 Over $7,000.00 but not over
3- 8 $10,000.00 .................... $190.00 plus 5% of
3- 9 Over $10,000.00 ............... $340.00 plus 6% of
3-10 (2) To facilitate the computation of the tax by those
3-11 taxpayers whose federal adjusted gross income together
3-12 with the adjustments set out in Code Section 48-7-27 for
3-13 use in arriving at Georgia taxable net income is less
3-14 than $10,000.00, the commissioner may construct tax
3-15 tables which may be used by the taxpayers at their
3-16 option. The tax shown to be due by the tables shall be
3-17 computed on the bases of the standard deduction and the
3-18 tax rates specified in paragraph (1) of this subsection.
3-19 Insofar as practicable, the tables shall produce a tax
3-20 approximately equivalent to the tax imposed by paragraph
3-21 (1) of this subsection.
3-22 (c) The amount deducted and withheld by an employer from
3-23 the wages of an employee pursuant to Article 5 of this
3-24 chapter, relating to current income tax payments, shall be
3-25 allowed the employee as a credit against the tax imposed
3-26 by this Code section. Amounts paid by an individual as
3-27 estimated tax under Article 5 of this chapter shall
3-28 constitute payments on account of the tax imposed by this
3-29 Code section. The amount withheld or paid during any
3-30 calendar year shall be allowed as a credit or payment for
3-31 the taxable year beginning in the calendar year in which
3-32 the amount is withheld or paid.
3-33 (d) The tax imposed by this Code section applies to the
3-34 Georgia taxable net income of estates and trusts, which
3-35 shall be computed in the same manner as in the case of a
3-36 single individual. The tax shall be computed on the
-3-
4- 1 Georgia taxable net income and shall be paid by the
4- 2 fiduciary.",
4- 3 and inserting in its place a new Code Section 48-7-20 to
4- 4 read as follows:
4- 5 "48-7-20.
4- 6 (a) A tax is imposed upon every resident of this state
4- 7 with respect to the Georgia taxable net income of the
4- 8 taxpayer as defined in Code Section 48-7-27. A tax is
4- 9 imposed upon every nonresident with respect to such
4-10 nonresident's Georgia taxable net income not otherwise
4-11 exempted which is received by the taxpayer from services
4-12 performed, property owned, proceeds of any lottery prize
4-13 awarded by the Georgia Lottery Corporation, or from
4-14 business carried on in this state. Except as otherwise
4-15 provided in this chapter, the tax imposed by this
4-16 subsection shall be levied, collected, and paid annually.
4-17 (b)(1) The tax imposed pursuant to subsection (a) of
4-18 this Code section shall be computed in accordance with
4-19 the following tables:
4-20 SINGLE PERSON
4-21 If Georgia Taxable
4-22 Net Income Is: The Tax Is:
4-23 Not over $750.00 ............... 1%
4-24 Over $750.00 but not over
4-25 $2,250.00 ...................... $7.50 plus 2% of amount
4-26 Over $2,250.00 but not over
4-27 $3,750.00 ...................... $37.50 plus 3% of
4-28 Over $3,750.00 but not over
4-29 $5,250.00 ...................... $82.50 plus 4% of
4-30 Over $5,250.00 but not over
4-31 $7,000.00 ...................... $142.50 plus 5% of
4-32 Over $7,000.00 ................. $230.00 plus 6% of
-4-
5- 1 MARRIED PERSON FILING A SEPARATE RETURN
5- 2 If Georgia Taxable
5- 3 Net Income Is: The Tax Is:
5- 4 Not over $500.00 ............... 1%
5- 5 Over $500.00 but not over
5- 6 $1,500.00 ...................... $5.00 plus 2% of amount
5- 7 Over $1,500.00 but not over
5- 8 $2,500.00 ...................... $25.00 plus 3% of
5- 9 Over $2,500.00 but not over
5-10 $3,500.00 ...................... $55.00 plus 4% of
5-11 Over $3,500.00 but not over
5-12 $5,000.00 ...................... $95.00 plus 5% of
5-13 Over $5,000.00 ................. $170.00 plus 6% of
5-14 HEAD OF HOUSEHOLD AND MARRIED PERSONS
5-15 FILING A JOINT RETURN
5-16 If Georgia Taxable
5-17 Net Income Is: The Tax Is:
5-18 Not over $1,000.00 ............ 1%
5-19 Over $1,000.00 but not over
5-20 $3,000.00 ..................... $10.00 plus 2% of amount
5-21 Over $3,000.00 but not over
5-22 $5,000.00 ..................... $50.00 plus 3% of amount
5-23 Over $5,000.00 but not over
5-24 $7,000.00 ..................... $110.00 plus 4% of
5-25 Over $7,000.00 but not over
5-26 $10,000.00 .................... $190.00 plus 5% of
5-27 Over $10,000.00 ............... $340.00 plus 6% of
-5-
6- 1 (2) To facilitate the computation of the tax by those
6- 2 taxpayers whose federal adjusted gross income together
6- 3 with the adjustments set out in Code Section 48-7-27 for
6- 4 use in arriving at Georgia taxable net income is less
6- 5 than $10,000.00, the commissioner may construct tax
6- 6 tables which may be used by the taxpayers at their
6- 7 option. The tax shown to be due by the tables shall be
6- 8 computed on the bases of the standard deduction and the
6- 9 tax rates specified in paragraph (1) of this subsection.
6-10 Insofar as practicable, the tables shall produce a tax
6-11 approximately equivalent to the tax imposed by paragraph
6-12 (1) of this subsection.
6-13 (c) The amount deducted and withheld by an employer from
6-14 the wages of an employee pursuant to Article 5 of this
6-15 chapter, relating to current income tax payments, shall be
6-16 allowed the employee as a credit against the tax imposed
6-17 by this Code section. Amounts paid by an individual as
6-18 estimated tax under Article 5 of this chapter shall
6-19 constitute payments on account of the tax imposed by this
6-20 Code section. The amount withheld or paid during any
6-21 calendar year shall be allowed as a credit or payment for
6-22 the taxable year beginning in the calendar year in which
6-23 the amount is withheld or paid.
6-24 (d) The tax imposed by this Code section applies to the
6-25 Georgia taxable net income of estates and trusts, which
6-26 shall be computed in the same manner as in the case of a
6-27 single individual. The tax shall be computed on the
6-28 Georgia taxable net income and shall be paid by the
6-29 fiduciary."
6-30 SECTION 2.
6-31 All laws and parts of laws in conflict with this Act are
6-32 repealed.
-6-
Clerk of the House
Robert E. Rivers, Jr., Clerk
Last Updated on 02/24/99
