08 LC 18
6904
House
Bill 1029
By:
Representatives Martin of the
47th,
Burkhalter of the
50th,
Keen of the
179th,
Harbin of the
118th,
Porter of the
143rd,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 48-7-27 of the Official Code of Georgia Annotated, relating
to computation of Georgia taxable net income of an individual taxpayer, so as to
provide for an additional one-time exclusion for individual taxpayers; 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.
Code
Section 48-7-27 of the Official Code of Georgia Annotated, relating to
computation of Georgia taxable net income of an individual taxpayer, is amended
by revising subsection (e) as follows:
"(e)
Reserved
For the
taxable year beginning on or after January 1, 2008, and prior to January 1,
2009, the Georgia taxable net income of an individual taxpayer shall exclude the
following amounts:
(1)
In the case of a single taxpayer, head of household, or married taxpayer filing
a separate return, $1,200.00;
(2)
In the case of a married couple filing a joint return, $2,400.00;
and
(3)
For each child of the taxpayer,
$300.00."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.