| HB 1105 - Income tax; adjust tables for inflation from 1971 |
First Reader Summary
A BILL to amend Code Section 48-7-20 of the Official Code of
Georgia Annotated, relating to individual income tax rates, tax
tables, credit for withholding and other payments, and
applicability to estates and trusts, so as to change the
computation of the amount of tax imposed by adjusting tax tables'
income brackets to account for the accumulated effect of
inflation from 1971 to date; and for other purposes.
HB 1105 LC 25 1468
A BILL TO BE ENTITLED
AN ACT
1- 1 To amend Code Section 48-7-20 of the Official Code of
1- 2 Georgia Annotated, relating to individual income tax rates,
1- 3 tax tables, credit for withholding and other payments, and
1- 4 applicability to estates and trusts, so as to change the
1- 5 computation of the amount of tax imposed by adjusting tax
1- 6 tables' income brackets to account for the accumulated
1- 7 effect of inflation from 1971 to date; to provide
1- 8 legislative findings and declarations; to provide an
1- 9 effective date; to provide for applicability; to repeal
1-10 conflicting laws; and for other purposes.
1-11 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
1-12 SECTION 1.
1-13 The General Assembly finds and declares as follows:
1-14 (1) The tax tables' income brackets provided by current
1-15 law for computing the amount of income tax imposed by
1-16 this state on individuals are the same as those tax
1-17 tables' income brackets enacted in 1971 (Ga. L. 1971, p.
1-18 605, Sec. 1); and
1-19 (2) The accumulated effect of more than a quarter of a
1-20 century of inflation on individual incomes necessitates
1-21 establishing a new set of tables for computing
1-22 individual income tax, with income brackets adjusted to
1-23 account for such accumulated effect of inflation from
1-24 1971 to date.
1-25 SECTION 2.
1-26 Code Section 48-7-20 of the Official Code of Georgia
1-27 Annotated, relating to individual income tax rates, tax
1-28 tables, credit for withholding and other payments, and
1-29 applicability to estates and trusts, is amended by striking
1-30 paragraph (1) of subsection (b), which reads as follows:
1-31 "(b)(1) The tax imposed pursuant to subsection (a) of
1-32 this Code section shall be computed in accordance with
1-33 the following tables:
-1-
2- 1 SINGLE PERSON
2- 2 If Georgia Taxable
2- 3 Net Income Is: The Tax Is:
2- 4 Not over $750.00 ............... 1%
2- 5 Over $750.00 but not over
2- 6 $2,250.00 ...................... $7.50 plus 2% of amount
2- 7 Over $2,250.00 but not over
2- 8 $3,750.00 ...................... $37.50 plus 3% of
2- 9 Over $3,750.00 but not over
2-10 $5,250.00 ...................... $82.50 plus 4% of
2-11 Over $5,250.00 but not over
2-12 $7,000.00 ...................... $142.50 plus 5% of
2-13 Over $7,000.00 ................. $230.00 plus 6% of
2-14 MARRIED PERSON FILING A SEPARATE RETURN
2-15 If Georgia Taxable
2-16 Net Income Is: The Tax Is:
2-17 Not over $500.00 ............... 1%
2-18 Over $500.00 but not over
2-19 $1,500.00 ...................... $5.00 plus 2% of amount
2-20 Over $1,500.00 but not over
2-21 $2,500.00 ...................... $25.00 plus 3% of
2-22 Over $2,500.00 but not over
2-23 $3,500.00 ...................... $55.00 plus 4% of
2-24 Over $3,500.00 but not over
2-25 $5,000.00 ...................... $95.00 plus 5% of
2-26 Over $5,000.00 ................. $170.00 plus 6% of
-2-
3- 1 HEAD OF HOUSEHOLD AND MARRIED PERSONS
3- 2 FILING A JOINT RETURN
3- 3 If Georgia Taxable
3- 4 Net Income Is: The Tax Is:
3- 5 Not over $1,000.00 ............ 1%
3- 6 Over $1,000.00 but not over
3- 7 $3,000.00 ..................... $10.00 plus 2% of amount
3- 8 Over $3,000.00 but not over
3- 9 $5,000.00 ..................... $50.00 plus 3% of amount
3-10 Over $5,000.00 but not over
3-11 $7,000.00 ..................... $110.00 plus 4% of
3-12 Over $7,000.00 but not over
3-13 $10,000.00 .................... $190.00 plus 5% of
3-14 Over $10,000.00 ............... $340.00 plus 6% of
3-15 and inserting in lieu thereof the following:
3-16 "(b)(1) The tax imposed pursuant to subsection (a) of
3-17 this Code section shall be computed in accordance with
3-18 the following tables:
3-19 SINGLE PERSON
3-20 If Georgia Taxable
3-21 Net Income Is: The Tax Is:
3-22 Not over $3,075.00 ............ 1%
3-23 Over $3,075.00 but not over
3-24 $9,230.00 ..................... $30.75 plus 2% of amount
3-25 Over $9,230.00 but not over
3-26 $15,390.00 .................... $153.85 plus 3% of
3-27 Over $15,390.00 but not
3-28 over $21,545.00 ............... $338.65 plus 4% of
-3-
4- 1 Over $21,545.00 but not
4- 2 over $28,725.00 ............... $584.85 plus 5% of
4- 3 Over $28,725.00 ............... $943.85 plus 6% of
4- 4 MARRIED PERSON FILING A SEPARATE RETURN
4- 5 If Georgia Taxable
4- 6 Net Income Is: The Tax Is:
4- 7 Not over $2,050.00 ............... 1%
4- 8 Over $2,050.00 but not over
4- 9 $6,155.00 ..................... $20.50 plus 2% of amount
4-10 Over $6,155.00 but not over
4-11 $10,260.00 .................... $102.60 plus 3% of
4-12 Over $10,260.00 but not over
4-13 $14,360.00 .................... $225.75 plus 4% of
4-14 Over $14,360.00 but not over
4-15 $20,520.00 .................... $389.75 plus 5% of
4-16 Over $20,520.00 ............... $697.75 plus 6% of
4-17 HEAD OF HOUSEHOLD AND MARRIED PERSONS
4-18 FILING A JOINT RETURN
4-19 If Georgia Taxable
4-20 Net Income Is: The Tax Is:
4-21 Not over $4,100.00 ............ 1%
4-22 Over $4,100.00 but not over
4-23 $12,320.00 .................... $41.00 plus 2% of
4-24 Over $12,320.00 but not
4-25 over $20,520.00 ............... $205.40 plus 3% of
4-26 Over $20,520.00 but not
4-27 over $28,725.00 ............... $451.40 plus 4% of
-4-
5- 1 Over $28,725.00 but not
5- 2 over $41,040.00 ............... $779.60 plus 5% of
5- 3 Over $41,040.00 ............... $1,395.35 plus 6% of
5- 4 SECTION 3.
5- 5 This Act shall become effective January 1, 2001, and shall
5- 6 apply to all taxable years beginning on or after such date.
5- 7 SECTION 4.
5- 8 All laws and parts of laws in conflict with this Act are
5- 9 repealed.
-5-
Clerk of the House
Robert E. Rivers, Jr., Clerk
Last Updated on 12/28/99
