09 LC 18
7698
House
Bill 17
By:
Representatives Bearden of the
68th,
Levitas of the
82nd,
and Byrd of the
20th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating
to income taxes, so as to abolish the state income tax for corporations
effective for tax years beginning on or after January 1, 2010; to provide for a
short title; to provide for the collection of income taxes prior to such
abolishment; 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.
Chapter
7 of Title 48 of the Official Code of Georgia Annotated, relating to income
taxes, is amended by revising subsection (a) of Code Section 48-7-21, relating
to taxation of corporations, as follows:
"(a)(1)(A)
For any taxable year beginning prior to January 1, 2010,
every
Every
domestic corporation and every foreign corporation shall pay annually an income
tax equivalent to 6 percent of its Georgia taxable net income.
(B)(i)
This subparagraph shall be known and may be cited as the "Small Business and
Jobs Protection Act of 2009."
(ii)
For any taxable year beginning on or after January 1, 2010, there shall not be a
corporate income tax and no corporate returns are required.
(2)
Georgia taxable net income of a corporation shall be the corporation's taxable
income from property owned or from business done in this state. A corporation's
taxable income from property owned or from business done in this state shall
consist of the corporation's taxable income as defined in the Internal Revenue
Code of 1986, with the adjustments provided for in subsection (b) of this Code
section and allocated and apportioned as provided in Code Section
48-7-31."
SECTION
2.
(a)
This Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
(b)
Tax, penalty, and interest liabilities and refund eligibility for prior taxable
years shall not be affected by the passage of this Act and shall continue to be
governed by the provisions of Article 4 of Chapter 13 of Title 48 of the
Official Code of Georgia Annotated as it existed immediately prior to the
effective date of this Act.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.