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GA HB918
Bill
Status
Passed
4/15/2014
Primary Sponsor
Allen Peake
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AI Summary
- Updates Georgia's definition of "Internal Revenue Code" to incorporate federal tax law enacted on or before January 1, 2014 (previously January 3, 2013), applicable to taxable years beginning on or after January 1, 2013
- Maintains Georgia-specific exceptions to federal conformity, including treating numerous IRC sections (such as bonus depreciation under Section 168(k), domestic production deduction under Section 199, and Gulf Opportunity Zone provisions) as if not in effect
- Sets Georgia's Section 179 expensing limit at $250,000 with a phase-out threshold of $800,000 for tax years beginning in 2010 through 2013, diverging from higher federal limits
- Requires third-party payroll providers handling Georgia withholding tax for more than 250 employers to submit all state withholding tax registration applications electronically; applications not submitted electronically will not be considered by the department
- Becomes effective upon the Governor's approval, with the IRC conformity update applying retroactively to all taxable years beginning on or after January 1, 2013
Legislative Description
Revenue and taxation; define terms "Internal Revenue Code" and Internal Revenue Code of 1986"; provisions
Last Action
Effective Date
4/15/2014
Full Bill Text
No bill text available