09
LC 18 8381
House
Bill 825
By:
Representatives Martin of the
47th,
Jones of the
46th,
Graves of the
12th,
and Burkhalter of the
50th
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 revise and change individual income tax standard
deductions; to provide for annual adjustments with respect to such standard
deductions; to provide for powers, duties, and authority of the state revenue
commissioner; to provide for an effective date and applicability; to provide for
related matters; 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 48-7-27, relating to computation of taxable net income,
by revising paragraph (1) of subsection (a) as follows:
"(1)
Either the sum of all itemized nonbusiness deductions used in computing federal
taxable income if the taxpayer used itemized nonbusiness deductions in computing
federal taxable income or, if the taxpayer could not or did not itemize
nonbusiness deductions, then a standard deduction as provided for in the
following subparagraphs:
(A)
In the case of a single taxpayer or a
head of
household
married
taxpayer filing a separate return,
$2,300.00
$5,450.00;
(B)
In the case of a
married
taxpayer filing a separate return
head of
household,
$1,500.00
$8,000.00;
(C)
In the case of a married couple filing a joint return,
$3,000.00
$10,900.00;
(D)
An additional deduction of $1,300.00 for the taxpayer if the taxpayer has
attained the age of 65 before the close of the taxpayer's taxable year. An
additional deduction of $1,300.00 for the spouse of the taxpayer shall be
allowed if a joint return is made by the taxpayer and the taxpayer's spouse and
the spouse has attained the age of 65 before the close of the taxable year;
and
(E)
An additional deduction of $1,300.00 for the taxpayer if the taxpayer is blind
at the close of the taxable year. An additional deduction of $1,300.00 for the
spouse of the taxpayer shall be allowed if a joint return is made by the
taxpayer and the taxpayer's spouse and the spouse is blind at the close of the
taxable year. For the purposes of this subparagraph, the determination of
whether the taxpayer or the spouse is blind shall be made at the close of the
taxable year except that, if either the taxpayer or the spouse dies during the
taxable year, the determination shall be made as of the time of the
death.
The
standard deduction amounts enumerated in subparagraphs (A) through (E) of this
paragraph shall be annually adjusted by the commissioner to reflect the effect
of economic inflation or deflation on individual taxpayers. The commissioner
shall establish and maintain rules governing standard deduction adjustments.
Such rules shall include the determination and use of an appropriate
cost-of-living index which reflects the effects of inflation and deflation on
persons receiving benefits in the State of Georgia. The rules may use for this
purpose the Consumer Price Index as reported by the Bureau of Labor Statistics
of the United States Department of Labor or any other similar index established
by the federal government, if the commissioner determines that such federal
index reflects the effects of inflation and deflation on persons receiving
benefits in the State of
Georgia;"
SECTION
3.
This
Act shall become effective on January 1, 2011, and shall be applicable to all
taxable years beginning on or after January 1, 2011.
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.