05 LC
14 9030-EC
House
Bill 282
By:
Representatives Roberts of the
154th,
Golick of the
34th,
Smith of the
129th,
Maddox of the
172nd,
Davis of the
109th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia
Annotated, relating to imposition, rate, computation, and exemptions regarding
income taxes, so as to provide deductions in determining individual and
corporate taxable net income for certain purchases which may be treated as
expenses under federal law; to provide for an effective date and applicability;
to repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating
to imposition, rate, computation, and exemptions regarding income taxes is
amended by adding a new paragraph (14) in subsection (b) of Code Section
48-7-21, relating to taxation of corporations, to read as follows:
"(14)
There shall be subtracted from taxable income the deduction provided and allowed
by Section 179 of the Internal Revenue Code of 1986 as enacted on or before
January 1, 2005, to the extent the deduction has not been included in the
corporatiońs
taxable income, as defined under the Internal Revenue Code of
1986."
SECTION
2.
Said
article is further amended in Code Section 48-7-27, relating to computation of
taxable net income, by adding a new paragraph at the end of subsection (a), to
be designated paragraph (14), to read as follows:
"(14)
The deduction provided and allowed by Section 179 of the Internal Revenue Code
of 1986 as enacted on or before January 1, 2005, to the extent the deduction has
not been included in federal adjusted gross income, as defined under the
Internal Revenue Code of 1986, and the expenses have not been included in
itemized nonbusiness
deductions."
SECTION
3.
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, 2005.
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.