08 LC
18 7070
House
Bill 1157
By:
Representative Scott of the
153rd
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 taxable net income for state income tax purposes, so as to
increase the limitation on the amount of the earned income allowance with
respect to retirement income; 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 taxable net income for state income tax purposes, is amended by
revising subparagraph (a)(5)(E) as follows:
"(E)
For the purposes of this paragraph, retirement income shall include but not be
limited to interest income, dividend income, net income from rental property,
capital gains income, income from royalties, income from pensions and annuities,
and no more than
$4,000.00
$16,000.00
of an individual´s earned income. Earned income in excess of
$4,000.00
$16,000.00,
including but not limited to net business income earned by an individual from
any trade or business carried on by such individual, wages, salaries, tips, and
other employer compensation, shall not be regarded as retirement income. The
receipt of earned income shall not diminish any taxpayer´s eligibility for
the retirement income exclusion allowed by this paragraph except to the extent
of the express limitation provided in this subparagraph."
SECTION
2.
This
Act shall become effective on January 1, 2009, and shall be applicable to all
taxable years beginning on or after that date.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.