08 LC 38
0625
House
Bill 1343
By:
Representatives Smith of the
131st,
Yates of the
73rd,
Rogers of the
26th,
Lewis of the
15th,
Sims of the
169th,
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 taxable net income, so as to provide that retirement income
received as retirement benefits from military service shall not be subject to
state income tax; 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.
Code
Section 48-7-27 of the Official Code of Georgia Annotated, relating to
computation of taxable net income, is amended by adding a new paragraph to
subsection (a) to read as follows:
"(12.1)
Retirement income received as retirement benefits from the military services of
the United States and survivor benefits derived therefrom otherwise included in
Georgia taxable net income not to exceed the inclusion amount as
follows:
(A)
For taxable years beginning on or after January 1, 2008, and prior to January 1,
2009, an exclusion amount not to exceed 40% of any income source qualifying
under this paragraph;
(B)
For taxable years beginning on or after January 1, 2009, and prior to January 1,
2010, an exclusion amount not to exceed 60% of any income source qualifying
under this paragraph;
(C)
For taxable years beginning on or after January 1, 2010, and prior to January 1,
2011, an exclusion amount not to exceed 80% of any income source qualifying
under this paragraph; and
(D)
For taxable years beginning on or after January 1, 2011, and for all taxable
years thereafter, an exclusion amount of 100% of any income source qualifying
under this paragraph;"
SECTION
2.
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, 2008.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.