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03 LC 18 2095
House Bill
59
By: Representatives Jamieson of the 22nd, Royal of the 140th, Houston of the 139th, Buck of the 112th and Sims of the 130th
By: Representatives Jamieson of the 22nd, Royal of the 140th, Houston of the 139th, Buck of the 112th and Sims of the 130th
A BILL TO BE
ENTITLED
AN ACT
AN ACT
To amend Code Section 48-7-120 of the Official Code of
Georgia Annotated, relating to failure to pay estimated income tax, so as to
change the method of calculating underpayment amounts; to provide 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 48-7-120 of the Official Code of Georgia
Annotated, relating to failure to pay estimated income tax, is amended by
striking subsection (b) and inserting in its place a new subsection (b) to read
as
follows:
"(b) Amount of underpayment. For purposes of subsection (a) of this Code section, the amount of the underpayment shall be theexcess
lesser of paragraph (1) of this subsection or an amount equal to 100
percent of the tax shown on the return of the taxpayer for the preceding taxable
year over paragraph (2) of this subsection when those paragraphs are as
follows:
(1) The amount of the installment which would be required to be paid if the estimated tax were equal to 70 percent (66 2/3 percent in the case of individuals referred to in subsection (b) of Code Section 48-7-115, relating to income from farming and fishing) of the tax shown on the return for the taxable year or, if no return was filed, 70 percent (66 2/3 percent in the case of individuals referred to in subsection (b) of Code Section 48-7-115, relating to income from farming and fishing) of the tax for the year; and
(2) Any amount of the installment paid on or before the last date prescribed for payment."
"(b) Amount of underpayment. For purposes of subsection (a) of this Code section, the amount of the underpayment shall be the
(1) The amount of the installment which would be required to be paid if the estimated tax were equal to 70 percent (66 2/3 percent in the case of individuals referred to in subsection (b) of Code Section 48-7-115, relating to income from farming and fishing) of the tax shown on the return for the taxable year or, if no return was filed, 70 percent (66 2/3 percent in the case of individuals referred to in subsection (b) of Code Section 48-7-115, relating to income from farming and fishing) of the tax for the year; and
(2) Any amount of the installment paid on or before the last date prescribed for payment."
SECTION 2.
This Act shall become effective upon its approval by the
Governor or upon its becoming law without such approval and shall be applicable
to all taxable years beginning on or after January 1, 2003.
SECTION 3.
All laws and parts of laws in conflict with this Act are
repealed.