Loading chat...
GA HB1138
Bill
Status
Passed
6/3/2010
Primary Sponsor
David Knight
Click for details
AI Summary
- Updates Georgia's definition of "Internal Revenue Code" to incorporate federal tax law enacted on or before January 1, 2010, moving the conformity date from January 1, 2009
- Excludes numerous specific federal provisions from incorporation into Georgia law, including bonus depreciation (Section 168(k)), certain net operating loss carryback rules, and Gulf Opportunity Zone incentives, among others
- Requires that corporate income tax elections made under Section 338 of the Internal Revenue Code (relating to stock purchases treated as asset acquisitions) also apply for Georgia state income tax purposes
- Expands electronic filing requirements to allow the commissioner to require return preparers—not just nonindividual taxpayers—to electronically file returns, reports, or other documents when the federal counterpart must be filed electronically
- Section 1 (federal conformity update) applies retroactively to all taxable years beginning on or after January 1, 2009; Section 2 (Section 338 elections) applies to stock purchases and sales occurring on or after the effective date
Legislative Description
Revenue and tax; define Internal Revenue Code; incorporate federal law
Last Action
Effective Date
6/3/2010
Committee Referrals
Finance3/24/2010
Ways and Means2/10/2010
Full Bill Text
No bill text available