GA HB290

Updates Georgia's tax code to incorporate the federal Internal Revenue Code as amended through January 1, 2025 (previously January 1, 2024), for taxable years beginning on or after January 1, 2024

Maintains existing Georgia-specific exceptions that treat certain federal tax provisions as not in effect, including bonus depreciation rules (Section 168(k)), various disaster relief provisions (Section 1400L and 1400N), and research expense amortization rules (Section 174)

Preserves Georgia's treatment of Sections 118, 163(j), 382(k)(1), and 174 as they existed before the 2017 Tax Cuts and Jobs Act (Public Law 115-97), while recognizing Infrastructure Investment and Jobs Act changes to Section 118

Continues to exclude CARES Act changes to net operating loss carrybacks (Section 172) and excess business loss limitations (Section 461(l)), as well as American Rescue Plan Act modifications to Section 461(l)

Becomes effective upon Governor's approval and applies to all taxable years beginning on or after January 1, 2024