05 AM
18 1265
ADOPTED
Senators
Johnson of the 1st, Cagle of the 49th and Powell of the 23rd offered the
following amendment:
Amend
HB 538 by inserting between "nonapplicability" and "to" on line 5 of page 1 the
following:
"to
change certain provisions regarding the income tax exclusion applicable to
military
income;"
By
striking "an effective date;" and inserting in its place "for effective dates;"
on line 8 of page 1.
By
adding immediately following line 33 of page 2 the following:
"SECTION
2A.
Said
chapter is further amended in Code Section 48-7-27, relating to computation of
Georgia taxable net income, by striking paragraph (12) of subsection (a) and
inserting in its place a new paragraph (12) to read as follows:
'(12)
Military
The first
$10,000.00 of earned military income and other
earned income received by a member of the
national guard
or any
reserve component of the armed services of
the United States
stationed
in a combat zone pursuant to military
orders
who serves on
active duty for at least 90 consecutive
days. The exclusion provided under this
paragraph:
(A)
Shall be claimed and allowed in the year in which the ninetieth day
occurs;
(A)(B)
Shall apply with respect to each taxable
year, or
portion thereof, covered by such military
orders
in which such
member serves for such qualifying period of
time;
and
(B)(C)
Shall apply only with respect to such member of the national guard
or any
reserve component of the armed forces and
only
with respect to
the first
$10,000.00 of earned military income
and all
other earned
income
received during the
period
covered by such military orders
taxable year
by such member; and
(D)
Shall be applied following any other deductions claimed and allowed by such
member of the national guard;
and'"
By
striking lines 2 through 4 of page 3 and inserting in their place the
following:
"(a)
Except as otherwise provided in subsection (b) of this section, 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.
(b) Section 2A of 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, 2002."
(b) Section 2A of 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, 2002."