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03 LC 21 7149
House Bill
116
By: Representatives Birdsong of the 104th, Royal of the 140th, Skipper of the 116th, Buck of the 112th, Smyre of the 111th and others
By: Representatives Birdsong of the 104th, Royal of the 140th, Skipper of the 116th, Buck of the 112th, Smyre of the 111th and others
A BILL TO BE
ENTITLED
AN ACT
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;
(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;
(x) For taxable years beginning on or after January 1, 2004, retirement income from any source not to exceed an exclusion amount of $17,000.00; and
(xi) For taxable years beginning on or after January 1, 2005, retirement income from any source not to exceed an exclusion amount of $19,000.00."
"(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;
(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;
(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;
(x) For taxable years beginning on or after January 1, 2004, retirement income from any source not to exceed an exclusion amount of $17,000.00; and
(xi) For taxable years beginning on or after January 1, 2005, retirement income from any source not to exceed an exclusion amount of $19,000.00."
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.