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GA SB328
Bill
Status
Passed
3/27/2018
Primary Sponsor
John Albers
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AI Summary
- Amends Georgia's corporate income tax provisions to include Global Intangible Low-Taxed Income (GILTI) under IRC Section 951A as part of Subpart F income eligible for subtraction from state taxable income, removing a prior exclusion of Section 951A income
- Allows the federal Section 250 deduction (related to GILTI and foreign-derived intangible income) to apply for Georgia tax purposes to the extent the same income was included in Georgia taxable net income
- Repeals the state income tax credit for federal qualified transportation fringe benefits (Code Section 48-7-29.3) effective December 31, 2018
- Repeals the state income tax credit for private driver education courses (Code Section 48-7-29.5) and the credit for diesel particulate emission reduction technology equipment (Code Section 48-7-40.19), both effective December 31, 2018
- Applies to all taxable years beginning on or after January 1, 2018, and takes effect upon the Governor's approval
Legislative Description
Income Tax; expiration of certain income tax credits; provide
Last Action
Act 292
3/27/2018
Full Bill Text
No bill text available