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| Georgia General Assembly |
HB179.html
02 LC 18 1535S
The House Committee on Ways and Means offers the
following substitute to HB 179:
A BILL TO BE
ENTITLED
AN ACT
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; to
provide for an effective date; to provide for applicability; to repeal
conflicting laws; and for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF
GEORGIA:
SECTION 1.
Code Section 48_7_27 of the Official Code of Georgia
Annotated, relating to the computation of taxable net income for income tax
purposes, is amended by striking subparagraph (a)(5)(A) and inserting in lieu
thereof a new subparagraph (a)(5)(A) to read as
follows:
"(5)(A)
Retirement income otherwise included in Georgia taxable net income not to exceed
the exclusion amount as follows:
(i) For taxable years
beginning on or after January 1, 1989, and prior to January 1, 1990, retirement
income not to exceed an exclusion amount of $8,000.00 per year received from any
source;
(ii) For taxable years beginning on or after
January 1, 1990, and prior to January 1, 1994, retirement income not to exceed
an exclusion amount of $10,000.00 per year received from any
source;
(iii) For taxable years beginning on or after
January 1, 1994, and prior to January 1, 1995, retirement income from any source
not to exceed an exclusion amount of $11,000.00;
(iv)
For taxable years beginning on or after January 1, 1995, and prior to January 1,
1999, retirement income from any source not to exceed an exclusion amount of
$12,000.00;
(v) For taxable years beginning on or
after January 1, 1999, and prior to January 1, 2000, retirement income from any
source not to exceed an exclusion amount of
$13,000.00;
(vi) For taxable years beginning on or
after January 1, 2000, and prior to January 1, 2001, retirement income not to
exceed an exclusion amount of $13,500.00 per year received from any source;
and
(vii) For taxable years beginning
on or after January 1, 2001, and prior to January 1, 2002, retirement
income from any source not to exceed an exclusion amount of
$14,000.00.;
(viii) For
taxable years beginning on or after January 1, 2002, and prior to January 1,
2003, retirement income from any source not to exceed an exclusion amount of
$14,500.00; and
(ix) For taxable years
beginning on or after January 1, 2003, retirement income from any source not to
exceed an exclusion amount of
$15,000.00."
SECTION 2.
This Act shall become effective upon its approval by the
Governor or upon its becoming law without such approval.
SECTION 3.
All laws and parts of laws in conflict with this Act are
repealed.