09 LC 18
8019
House
Bill 425
By:
Representative Mills of the
25th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 48-8-45 of the Official Code of Georgia Annotated, relating
to sales and use tax, reporting of sales, and deductibility of bad debts, so as
to change provisions relating to deduction of bad debts by persons reporting on
an accrual basis; to authorize refunds as well as deductions; to provide for
related matters; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 48-8-45 of the Official Code of Georgia Annotated, relating to sales and
use tax, reporting of sales, and deductibility of bad debts, is amended by
revising subsection (d) as follows:
"(d)
An assignee of private label credit card debt purchased directly from a dealer
without recourse or a credit card bank which extends such credit to customers
under a private label credit card program shall be allowed a deduction
or
refund for private label credit card bad
debts under rules and regulations of the commissioner on the same basis that
private label credit card bad debts are allowed as a deduction
or
refund on state income tax returns. An
issuer or assignee of private label credit card debt may claim its deduction
or
refund for private label credit card bad
debts on a return filed by a member of an affiliated group as defined under 26
U.S.C. Section 1504."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.