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GA HB729
Bill
Status
Passed
5/1/2012
Primary Sponsor
David Knight
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AI Summary
- Updates Georgia's conformity with the federal Internal Revenue Code by incorporating federal tax law enacted on or before January 1, 2012, applicable to taxable years beginning on or after January 1, 2011, while maintaining existing exceptions for numerous specific IRC sections
- Clarifies procedures for county tax digest receipts by replacing the specific "one-quarter of a mill" state levy reference with a general reference to the levy "as prescribed in Code Section 48-5-8"
- Revises several sales and use tax definitions, including clarifying that "lease or rental" includes motor vehicle agreements under 26 U.S.C. Section 7701(h)(1) and adjusting taxable situs rules for motor vehicle retail sales to exclude leases and rentals
- Explicitly exempts insulin from state sales and use tax regardless of whether it is dispensed by prescription
- Creates a temporary sales and use tax exemption from July 1, 2012, through December 31, 2013, for sales to an IRS-defined instrumentality of the states related to holding an annual meeting in Georgia
Legislative Description
Revenue and taxation; Internal Revenue and Internal Revenue Code of 1986; define terms
Last Action
Effective Date
5/1/2012
Committee Referrals
Finance2/16/2012
Ways and Means1/13/2012
Full Bill Text
No bill text available