HB 1032 – Revision of Income Tax Definition of "Corporation"

• Amends Code Section 48-7-1 of Georgia law to narrow the definition of "Corporation" for state income tax purposes by removing "joint-stock companies" and "undivided interests in property" from the enumerated entities included in the definition
• Retains associations, professional associations organized under Chapter 10 of Title 14, and insurance companies within the definition of "Corporation"
• Sponsored by Representatives Hatchett (143rd), Collins (27th), and Carter (175th)
• Becomes effective immediately upon approval by the Governor or upon becoming law without such approval