Bill Text: GA HB655 | 2009-2010 | Regular Session | Introduced

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Bill Title: Income taxes; net capital gains excluded from state taxable income; provide

Spectrum: Partisan Bill (Republican 6-0)

Status: (Introduced - Dead) 2009-03-09 - House Second Readers [HB655 Detail]

Download: Georgia-2009-HB655-Introduced.html

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09 LC 14 0058

House Bill 655

By: Representatives Smith of the 131st, Burkhalter of the 50th, Keen of the 179th, Smith of the 113th, Mills of the 25th, and others

A BILL TO BE ENTITLED
AN ACT

To amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to imposition, rate, and computation of income taxes, so as to provide that net capital gains shall be excluded from state taxable income of corporations and individuals; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to imposition, rate, and computation of income taxes, is amended in Code Section 48-7-21, relating to taxation of corporations, by adding at the end of subsection (b) a new paragraph (16) to read as follows:

"(16) There shall be subtracted from taxable income the total net amount of capital gains subject to federal income taxation."

SECTION 2.

Said article is further amended in subsection (a) of Code Section 48-7-27, relating to computation of taxable net income of individuals, by deleting "and" at the end of paragraph (14); replacing the period at the end of paragraph (15) with "; and"; and adding a new paragraph (16) to read as follows:

"(16) The total net amount of capital gains subject to federal income taxation."

SECTION 3.

This Act shall become effective on January 1, 2011, and shall apply to taxable years beginning on or after that date.

SECTION 4.

All laws and parts of laws in conflict with this Act are repealed.