GA HB1472

Revises the definition of "small business" for state income tax purposes to mean a business that is independently owned and operated with 300 or fewer employees or $30 million or less in gross receipts per year

Replaces the previous definition that referenced Code Section 50-5-121 with a specific, standalone definition within the tax code

Applies to the 10% tax deduction available to taxpayers who make qualified payments to classified subcontractors (minority, women-owned, or veteran-owned small businesses) on state contracts

Maximum deduction remains capped at $100,000 per taxable year

Effective July 1, 2026, and applies to taxable years beginning on or after January 1, 2027