07 LC
18 6381
House
Bill 878
By:
Representatives Crawford of the
16th,
Jamieson of the
28th,
Buckner of the
130th,
Reece of the
11th,
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 taxable net income for state income tax purposes, so as to
eliminate 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 of an individual´s
earned income. Earned income
in excess
of $4,000.00
from any
source, 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, 2008, 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laws and parts of laws in conflict with this Act are repealed.