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GA HB1163
Bill
Status
Introduced
2/6/2024
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 from the previous January 1, 2023 cutoff
- Applies to all taxable years beginning on or after January 1, 2023
- 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 Section 174 research expenditures, Section 163(j) interest limitations, and Section 118 corporate contributions to capital
- Preserves Georgia-specific Section 179 expensing limits for prior tax 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
- Becomes effective upon the Governor's approval or upon becoming law without such approval
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
House Second Readers
2/8/2024
Committee Referrals
Ways and Means2/7/2024
Full Bill Text
No bill text available