08 LC 18
7370S
The
House Committee on Ways and Means offers the following substitute to HB
86:
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 certain retirement
or compensation received as retirement benefits from military service and
certain survivor benefits derived therefrom 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 or compensation received as retirement benefits from the military
services of the United States of America and survivor benefits derived therefrom
in an amount not to exceed $35,000.00. No compensation or benefits subject to
the exclusion under this paragraph shall qualify simultaneously for the
exclusion under paragraph (5) of this subsection;"
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laws and parts of laws in conflict with this Act are repealed.