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GA HB749
Bill
Status
Passed
5/3/2018
Primary Sponsor
Shaw Blackmon
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AI Summary
- Clarifies that Georgia's existing retirement income tax exclusion applies to income received as a retirement benefit from noncivilian service in the U.S. armed forces and reserve components
- Excludes from Georgia taxable net income any income received by a surviving family member that is based on the service record of a deceased veteran, regardless of the surviving family member's age
- Maintains existing retirement income exclusion amounts, including up to $35,000 for taxpayers aged 62-64 or permanently disabled, and up to $65,000 for taxpayers aged 65 and older
- Limits earned income counted as retirement income to no more than $4,000 per individual; earned income above that threshold does not qualify for the exclusion
- Effective July 1, 2018, applicable to all taxable years beginning on or after January 1, 2018
Legislative Description
Income tax; retirement income is applicable as a retirement benefit from noncivilian service in the United States armed forces; clarify an exemption
Last Action
Effective Date
7/1/2018
Full Bill Text
No bill text available