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GA HB238
Bill
Status
Engrossed
3/11/2015
Primary Sponsor
Benjie Harbin
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AI Summary
- Replaces Georgia's graduated six-bracket personal income tax (ranging from 1% to 6%) with a flat rate of 5.4% on all Georgia taxable net income, effective for taxable years beginning on or after January 1, 2017
- Eliminates most itemized deductions for Georgia taxable net income, retaining only mortgage interest (capped at $25,000), cash and noncash charitable contributions, and medical expenses
- Increases personal exemptions: joint filers from $7,400 to $11,400; single/head of household from $2,700 to $4,700; married filing separately from $3,700 to $5,700; and dependent exemptions from $3,000 to $5,000
- Repeals the corporate net worth tax and eliminates corporate net worth return filing requirements as of January 1, 2017
- Preserves all tax liabilities, penalties, interest, refund eligibility, and enforcement actions for taxable years prior to January 1, 2017, under previously existing law
Legislative Description
Sales and use tax; tangible personal property used for or in renovation or expansion of an aquarium owned or operated by an organization which is exempt from taxation under Section 501(c)(3) of Internal Revenue Code; provide exemption
Last Action
Senate Passed/Adopted By Substitute
3/16/2016
Full Bill Text
No bill text available