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GA HB1162
Bill
Status
Passed
4/22/2024
Primary Sponsor
David Knight
Click for details
AI Summary
- Updates Georgia's definition of "Internal Revenue Code" to incorporate federal tax law enacted on or before January 1, 2024, moving the conformity date forward one year from the previous January 1, 2023 reference date
- Applies to all taxable years beginning on or after January 1, 2023, and takes effect upon the Governor's approval
- Maintains existing Georgia-specific exceptions that decouple from certain federal provisions, including bonus depreciation (Section 168(k)), CARES Act changes to net operating losses (Section 172) and excess business losses (Section 461(l)), and the 2017 Tax Cuts and Jobs Act changes to research expense amortization (Section 174) and business interest limitations (Section 163(j))
- Preserves Georgia's custom Section 179 expensing limits for prior years (e.g., $250,000 for 2010–2013 and $500,000 for 2014) and continues to recognize Infrastructure Investment and Jobs Act changes to Section 118 (contributions to capital)
- Federal tax provisions enacted into law by January 1, 2024 but not yet effective at the federal level will automatically become effective for Georgia tax purposes on the same dates they take effect federally
Legislative Description
Internal Revenue Code and Internal Revenue Code of 1986; revise terms and incorporate certain provisions of federal law into Georgia law
Last Action
Effective Date 2024-04-22
4/22/2024
Committee Referrals
Finance2/15/2024
Ways and Means2/7/2024
Full Bill Text
No bill text available