10 LC
18 8742
House
Bill 1037
By:
Representative Scott of the
153rd
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 that a portion of net long-term capital gains
shall be excluded from state taxable income of corporations and individuals; to
provide for an effective date; 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 in Code Section 48-7-21, relating to taxation of corporations, by adding
at the end of subsection (b) a new paragraph to read as follows:
"(17)
For all taxable years beginning on or after January 1, 2011, there shall be
subtracted from taxable income an amount equal to 50 percent of the total net
amount of long-term capital gains subject to federal income
taxation."
SECTION
2.
Said
article is further amended in subsection (a) of Code Section 48-7-27, relating
to computation of taxable net income of individuals, by deleting "and" at the
end of paragraph (14); replacing the period at the end of paragraph (15) with ";
and"; and adding a new paragraph to read as follows:
"(16)
For all taxable years beginning on or after January 1, 2011, an amount equal to
50 percent of the total net amount of long-term capital gains subject to federal
income taxation."
SECTION
3.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.