LC 18 3833
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 that Georgia taxable net income of any
taxpayer shall not include income which is attributable directly to the business
of any taxpayer which has been relocated to certain vacant office space; 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 by adding a new subsection at the end of Code Section 48-7-27,
relating to computation of taxable net income of individuals, to be designated
subsection (f), to read as follows:
"(f)
Georgia taxable net income shall not include any income of a taxpayer which is
attributable directly to the business of the taxpayer which has been relocated
to office space which equals or exceeds 10,000 square feet and which has
remained vacant for a period of not less than six months. The exclusion
provided for under this subsection shall commence on the date of lease or
purchase of the qualifying office space by such taxpayer and shall continue for
the ensuing 12 months or the date of sale of such office space or the date of
termination of the lease of such office space, whichever comes
first."
SECTION
2.
Said
chapter is further amended by adding a new subsection at the end of Code Section
48-7-31, relating to taxation of corporations, to be designated subsection (f),
to read as follows:
"(f)
Georgia taxable net income of a foreign or domestic corporation shall not
include any income of such corporation which is attributable directly to the
business of the corporation which has been relocated to office space which
equals or exceeds 10,000 square feet and which has remained vacant for a period
of not less than six months. The exclusion provided for under this subsection
shall commence on the date of lease or purchase of the qualifying office space
by such corporation and shall continue for the ensuing 12 months or the date of
sale of such office space or the date of termination of the lease of such office
space, whichever comes
first."
SECTION
3.
This
Act shall become effective January 1, 2006, and shall be applicable to all
taxable years beginning on or after January 1, 2006.
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.