05 HB
282/AP
House
Bill 282 (AS PASSED HOUSE AND SENATE)
By:
Representatives Roberts of the
154th,
Golick of the
34th,
Smith of the
129th,
Maddox of the
172nd,
Davis of the
109th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia
Annotated, relating to imposition, rate, computation, and exemptions regarding
income taxes, so as to provide deductions in determining individual and
corporate taxable net income for certain purchases which may be treated as
expenses under federal law; to amend Article 3 of Chapter 7 of Title 48 of the
Official Code of Georgia Annotated, relating to income tax returns and
information, so as to authorize taxpayers to make certain contributions through
the income tax payment and refund process; 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, computation, and exemptions regarding income taxes is
amended by adding a new paragraph (14) in subsection (b) of Code Section
48-7-21, relating to taxation of corporations, to read as follows:
"(14)
There shall be subtracted from taxable income the deduction provided and allowed
by Section 179 of the Internal Revenue Code of 1986 as enacted on or before
January 1, 2005, to the extent the deduction has not been included in the
corporatiońs
taxable income, as defined under the Internal Revenue Code of
1986."
SECTION
2.
Said
article is further amended in Code Section 48-7-27, relating to computation of
taxable net income, by adding a new paragraph at the end of subsection (a), to
be designated paragraph (14), to read as follows:
"(14)
The deduction provided and allowed by Section 179 of the Internal Revenue Code
of 1986 as enacted on or before January 1, 2005, to the extent the deduction has
not been included in federal adjusted gross income, as defined under the
Internal Revenue Code of 1986, and the expenses have not been included in
itemized nonbusiness
deductions."
SECTION
3.
Article
3 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating
to income tax returns and information, is amended by adding at its end a new
Code Section 48-7-62 to read as follows:
"48-7-62.
(a)
Each Georgia income tax return form for taxable years beginning on or after
January 1, 2005, shall contain appropriate language, to be determined by the
state revenue commissioner, offering the taxpayer the opportunity to contribute
to the Georgia National Guard Foundation by either donating all or any part of
any tax refund due, by authorizing a reduction in the refund check otherwise
payable, or by contributing any amount over and above any amount of tax owed by
adding that amount to the
taxpayeŕs
payment. The instructions accompanying the income tax return form shall contain
a description of the purposes for which this fund was established and the
intended use of moneys received from the contributions. Each taxpayer required
to file a state income tax return who desires to contribute to the foundation
may designate such contribution as provided in this Code section on the
appropriate income tax return form.
(b)
The Department of Revenue shall determine annually the total amount so
contributed and shall transmit such amount to the Georgia National Guard
Foundation. The Georgia National Guard Foundation is the nonprofit 501(c)(3)
corporation whose purpose is to provide support to members of the Georgia
Department of
Defense."
SECTION
4.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval and shall be applicable to all taxable years
beginning on or after January 1, 2005.
SECTION
5.
All
laws and parts of laws in conflict with this Act are repealed.