| SB 174 - Income Tax - gradual reduction in rate over 4 years |
First Reader Summary
A bill to amend Code Section 48-7-20 of the Official Code of
Georgia Annotated, relating to the income tax rate for
individuals, fiduciaries, and partnerships, so as to provide for
a gradual reduction in the income tax rate over a period of four
years; to provide an effective date; to provide applicability.
| Senate |
Action |
House |
| 2/17/99 |
Read 1st time |
|
SB 174 99 LC 18 9093
SENATE BILL 174
By: Senator Price of the 28th
A BILL TO BE ENTITLED
AN ACT
1- 1 To amend Code Section 48-7-20 of the Official Code of
1- 2 Georgia Annotated, relating to the income tax rate for
1- 3 individuals, fiduciaries, and partnerships, so as to provide
1- 4 for a gradual reduction in the income tax rate over a period
1- 5 of four years; to provide an effective date; to provide
1- 6 applicability; to repeal conflicting laws; and for other
1- 7 purposes.
1- 8 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
1- 9 SECTION 1.
1-10 Code Section 48-7-20 of the Official Code of Georgia
1-11 Annotated, relating to the income tax rate for individuals,
1-12 fiduciaries, and partnerships, is amended by striking
1-13 paragraph (1) of subsection (b) and inserting in its place a
1-14 new paragraph (1) to read as follows:
1-15 "(b)(1) The tax imposed pursuant to subsection (a) of
1-16 this Code section shall be computed in accordance with
1-17 the following tables:
1-18 (A) For the taxable year beginning on or after January
1-19 1, 2000, and prior to January 1, 2001:
1-20 SINGLE PERSON
1-21 If Georgia Taxable
1-22 Net Income Is: The Tax Is:
1-23 Not over $750.00 ............ 1% .75%
1-24 Over $750.00 but not over
1-25 $2,250.00 ................... $7.50 plus 2% 1.75%
1-26 Over $2,250.00 but not over
1-27 $3,750.00 ................... $37.50 plus 3% 2.75% of
-1-
2- 1 Over $3,750.00 but not over
2- 2 $5,250.00 ................... $82.50 plus 4% 3.75% of
2- 3 Over $5,250.00 but not over
2- 4 $7,000.00 ................... $142.50 plus 5% 4.75% of
2- 5 Over $7,000.00 .............. $230.00 plus 6% 5.75% of
2- 6 MARRIED PERSON FILING A SEPARATE RETURN
2- 7 If Georgia Taxable
2- 8 Net Income Is: The Tax Is:
2- 9 Not over $500.00 ............ 1% .75%
2-10 Over $500.00 but not over
2-11 $1,500.00 ................... $5.00 plus 2% 1.75% of
2-12 Over $1,500.00 but not over
2-13 $2,500.00 ................... $25.00 plus 3% 2.75% of
2-14 Over $2,500.00 but not over
2-15 $3,500.00 ................... $55.00 plus 4% 3.75% of
2-16 Over $3,500.00 but not over
2-17 $5,000.00 ................... $95.00 plus 5% 4.75% of
2-18 Over $5,000.00 .............. $170.00 plus 6% 5.75% of
2-19 HEAD OF HOUSEHOLD AND MARRIED PERSONS
2-20 FILING A JOINT RETURN
2-21 If Georgia Taxable
2-22 Net Income Is: The Tax Is:
2-23 Not over $1,000.00 .......... 1% .75%
2-24 Over $1,000.00 but not over
2-25 $3,000.00 ................... $10.00 plus 2% 1.75% of
2-26 Over $3,000.00 but not over
2-27 $5,000.00 ................... $50.00 plus 3% 2.75% of
-2-
3- 1 Over $5,000.00 but not over
3- 2 $7,000.00 ................... $110.00 plus 4% 3.75% of
3- 3 Over $7,000.00 but not over
3- 4 $10,000.00 .................. $190.00 plus 5% 4.75% of
3- 5 Over $10,000.00 ............. $340.00 plus 6% 5.75% of
3- 6 (B) For the taxable year beginning on or after January
3- 7 1, 2001, and prior to January 1, 2002:
3- 8 SINGLE PERSON
3- 9 If Georgia Taxable
3-10 Net Income Is: The Tax Is:
3-11 Not over $750.00 .............. .50%
3-12 Over $750.00 but not over
3-13 $2,250.00 ...................... $7.50 plus 1.50% of
3-14 Over $2,250.00 but not over
3-15 $3,750.00 ...................... $37.50 plus 1.50% of
3-16 Over $3,750.00 but not over
3-17 $5,250.00 ...................... $82.50 plus 3.50% of
3-18 Over $5,250.00 but not over
3-19 $7,000.00 ...................... $142.50 plus 4.50% of
3-20 Over $7,000.00 ................. $230.00 plus 5.50% of
3-21 MARRIED PERSON FILING A SEPARATE RETURN
3-22 If Georgia Taxable
3-23 Net Income Is: The Tax Is:
3-24 Not over $500.00 ............... .50%
3-25 Over $500.00 but not over
3-26 $1,500.00 ...................... $5.00 plus 1.50% of
3-27 Over $1,500.00 but not over
3-28 $2,500.00 ...................... $25.00 plus 2.50% of
-3-
4- 1 Over $2,500.00 but not over
4- 2 $3,500.00 ...................... $55.00 plus 3.50% of
4- 3 Over $3,500.00 but not over
4- 4 $5,000.00 ...................... $95.00 plus 4.50% of
4- 5 Over $5,000.00 ................. $170.00 plus 5.50% of
4- 6 HEAD OF HOUSEHOLD AND MARRIED PERSONS
4- 7 FILING A JOINT RETURN
4- 8 If Georgia Taxable
4- 9 Net Income Is: The Tax Is:
4-10 Not over $1,000.00 ............ .50%
4-11 Over $1,000.00 but not over
4-12 $3,000.00 ..................... $10.00 plus 1.50% of
4-13 Over $3,000.00 but not over
4-14 $5,000.00 ..................... $50.00 plus 2.50% of
4-15 Over $5,000.00 but not over
4-16 $7,000.00 ..................... $110.00 plus 3.50% of
4-17 Over $7,000.00 but not over
4-18 $10,000.00 .................... $190.00 plus 4.50% of
4-19 Over $10,000.00 ............... $340.00 plus 5.50% of
4-20 (C) For the taxable year beginning on or after January
4-21 1, 2002, and prior to January 1, 2003:
4-22 SINGLE PERSON
4-23 If Georgia Taxable
4-24 Net Income Is: The Tax Is:
4-25 Not over $750.00 ............... .25%
4-26 Over $750.00 but not over
4-27 $2,250.00 ...................... $7.50 plus 1.25% of
-4-
5- 1 Over $2,250.00 but not over
5- 2 $3,750.00 ...................... $37.50 plus 2.25% of
5- 3 Over $3,750.00 but not over
5- 4 $5,250.00 ...................... $82.50 plus 3.25% of
5- 5 Over $5,250.00 but not over
5- 6 $7,000.00 ...................... $142.50 plus 4.25% of
5- 7 Over $7,000.00 ................. $230.00 plus 5.25% of
5- 8 MARRIED PERSON FILING A SEPARATE RETURN
5- 9 If Georgia Taxable
5-10 Net Income Is: The Tax Is:
5-11 Not over $500.00 ............... .25%
5-12 Over $500.00 but not over
5-13 $1,500.00 ...................... $5.00 plus 1.25% of
5-14 Over $1,500.00 but not over
5-15 $2,500.00 ...................... $25.00 plus 2.25% of
5-16 Over $2,500.00 but not over
5-17 $3,500.00 ...................... $55.00 plus 3.25% of
5-18 Over $3,500.00 but not over
5-19 $5,000.00 ...................... $95.00 plus 4.25% of
5-20 Over $5,000.00 ................. $170.00 plus 5.25% of
5-21 HEAD OF HOUSEHOLD AND MARRIED PERSONS
5-22 FILING A JOINT RETURN
5-23 If Georgia Taxable
5-24 Net Income Is: The Tax Is:
5-25 Not over $1,000.00 ............ .25%
5-26 Over $1,000.00 but not over
5-27 $3,000.00 ..................... $10.00 plus 1.25% of
-5-
6- 1 Over $3,000.00 but not over
6- 2 $5,000.00 ..................... $50.00 plus 2.25% of
6- 3 Over $5,000.00 but not over
6- 4 $7,000.00 ..................... $110.00 plus 3.25% of
6- 5 Over $7,000.00 but not over
6- 6 $10,000.00 .................... $190.00 plus 4.25% of
6- 7 Over $10,000.00 ............... $340.00 plus 5.25% of
6- 8 (D) For any taxable year beginning on or after January
6- 9 1, 2003:
6-10 SINGLE PERSON
6-11 If Georgia Taxable
6-12 Net Income Is: The Tax Is:
6-13 Not over $750.00 ............... 0%
6-14 Over $750.00 but not over
6-15 $2,250.00 ...................... $7.50 plus 1% of
6-16 Over $2,250.00 but not over
6-17 $3,750.00 ...................... $37.50 plus 2% of
6-18 Over $3,750.00 but not over
6-19 $5,250.00 ...................... $82.50 plus 3% of
6-20 Over $5,250.00 but not over
6-21 $7,000.00 ...................... $142.50 plus 4% of
6-22 Over $7,000.00 ................. $230.00 plus 5% of
6-23 MARRIED PERSON FILING A SEPARATE RETURN
6-24 If Georgia Taxable
6-25 Net Income Is: The Tax Is:
6-26 Not over $500.00 ............... 0%
6-27 Over $500.00 but not over
6-28 $1,500.00 ...................... $5.00 plus 1% of
-6-
7- 1 Over $1,500.00 but not over
7- 2 $2,500.00 ...................... $25.00 plus 2% of
7- 3 Over $2,500.00 but not over
7- 4 $3,500.00 ...................... $55.00 plus 3% of
7- 5 Over $3,500.00 but not over
7- 6 $5,000.00 ...................... $95.00 plus 4% of
7- 7 Over $5,000.00 ................. $170.00 plus 5% of
7- 8 HEAD OF HOUSEHOLD AND MARRIED PERSONS
7- 9 FILING A JOINT RETURN
7-10 If Georgia Taxable
7-11 Net Income Is: The Tax Is:
7-12 Not over $1,000.00 ........... 0%
7-13 Over $1,000.00 but not over
7-14 $3,000.00 .................... $10.00 plus 1% of
7-15 Over $3,000.00 but not over
7-16 $5,000.00 .................... $50.00 plus 2% of
7-17 Over $5,000.00 but not over
7-18 $7,000.00 .................... $110.00 plus 3% of
7-19 Over $7,000.00 but not over
7-20 $10,000.00 ................... $190.00 plus 4% of
7-21 Over $10,000.00 .............. $340.00 plus 5% of
7-22 SECTION 2.
7-23 This Act shall become effective January 1, 2000, and shall
7-24 be applicable to all taxable years beginning on or after
7-25 that date.
7-26 SECTION 3.
7-27 All laws and parts of laws in conflict with this Act are
7-28 repealed.
-7-
Secretary of the Senate
Frank Eldridge, Jr., Secretary
Last Updated on 05/15/00
