05 LC 18
4044
House
Bill 208
By:
Representatives Graves of the
137th,
Freeman of the
140th,
Ray of the
136th,
Randall of the
138th,
and Lucas of the
139th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating
to income taxes, so as to provide for an exclusion from state income taxation
with respect to certain severance pay; to provide for conditions and
limitations; to provide an effective date; to provide for applicability; to
repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
7 of Title 48 of the Official Code of Georgia Annotated, relating to income
taxes, is amended in subsection (a) of Code Section 48-7-27, relating to
computation of taxable net income of individuals, by striking "and" at the end
of paragraph (12), by striking the period at the end of paragraph (13) and
inserting in its place "; and", and by adding a new paragraph immediately
following paragraph (13) to be designated paragraph (14) to read as
follows:
"(14)(A)
An amount equal to the actual amount received as severance pay not to exceed the
amount of $120,000.00.
(B)
In order to qualify for the exclusion under subparagraph (A) of this paragraph,
such
taxpayeŕs
employment must have ceased due to such taxpayer having been employed at a
manufacturing plant located in this state which has closed and ceased all
operation."
SECTION
2.
This
Act shall become effective on January 1, 2006, and shall be applicable to all
taxable years beginning on or after January 1, 2006.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.