08 LC 18
6932S/AP
House
Bill 926 (AS PASSED HOUSE AND SENATE)
By:
Representatives O`Neal of the
146th
and Forster of the
3rd
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 48-1-2 of the Official Code of Georgia Annotated, relating to
definitions regarding revenue and taxation, so as to define the terms "Internal
Revenue Code" and "Internal Revenue Code of 1986" and thereby incorporate
certain provisions of the federal law into Georgia law; to define the terms
"Internal Revenue Code" and "Internal Revenue Code of 1986" for certain taxable
years and thereby incorporate certain provisions of the federal law into Georgia
law and provide that such provisions shall supersede and control over certain
other provisions; to provide for effective dates; to provide applicability; to
repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 48-1-2 of the Official Code of Georgia Annotated, relating to
definitions regarding revenue and taxation, is amended by revising paragraph
(14) as follows:
"(14)
'Internal Revenue Code' or 'Internal Revenue Code of 1986' means for taxable
years beginning on or after January 1,
2007
2008,
the provisions of the United States Internal Revenue Code of 1986, as amended,
provided for in federal law enacted on or before January 1,
2007
2008,
except Section 168(k), (but not excepting Section 168(k)(2)(A)(i), Section
168(k)(2)(D)(i), and Section 168(k)(2)(E)), Section 199, Section 1400L, Section
1400N(d)(1), Section 1400N(j), and Section 1400N(k) of the Internal Revenue Code
of 1986, as amended, shall be treated as if they were not in effect. In the
event a reference is made in this title to the Internal Revenue Code or the
Internal Revenue Code of 1954 as it existed on a specific date prior to January
1,
2007
2008,
the term means the provisions of the Internal Revenue Code or the Internal
Revenue Code of 1954 as it existed on the prior date. Unless otherwise provided
in this title, any term used in this title shall have the same meaning as when
used in a comparable provision or context in the Internal Revenue Code of 1986,
as amended. For taxable years beginning on or after January 1,
2007
2008,
provisions of the Internal Revenue Code of 1986, as amended, which were as of
January 1,
2007
2008,
enacted into law but not yet effective shall become effective for purposes of
Georgia taxation on the same dates upon which they become effective for federal
tax purposes."
SECTION
2.
Said
Code section is further amended by adding a new paragraph to read as
follows:
"(14.2)
'Internal Revenue Code' or 'Internal Revenue Code of 1986' means for taxable
years beginning after December 31, 2006, but before January 1, 2008, the
provisions of the United States Internal Revenue Code of 1986, as amended,
provided for in federal law enacted on or before January 1, 2008, except that
Section 168(k) (but not excepting Section 168(k)(2)(A)(i), Section
168(k)(2)(D)(i), and Section 168(k)(2)(E)), Section 199, Section 1400L, Section
1400N(d)(1), Section 1400N(j), and Section 1400N(k) of the Internal Revenue Code
of 1986, as amended, shall be treated as if they were not in effect. For such
taxable years, provisions of the Internal Revenue Code of 1986, as amended,
which were as of January 1, 2008, enacted into law but not yet effective shall
be effective for purposes of Georgia taxation on the same dates upon which they
become effective for federal tax purposes. The provisions of this paragraph
shall supersede and control over any provision of paragraph (14) of this Code
section to the contrary."
SECTION
3.
(a)
Except as otherwise provided in subsection (b) of this section, this Act shall
become effective upon this Act´s 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.
(b) Section 2 of this Act shall become effective upon this Act´s approval by the Governor or upon its becoming law without such approval and shall be applicable to all taxable years beginning after December 31, 2006, but before January 1, 2008.
(b) Section 2 of this Act shall become effective upon this Act´s approval by the Governor or upon its becoming law without such approval and shall be applicable to all taxable years beginning after December 31, 2006, but before January 1, 2008.
SECTION
4
All
laws and parts of laws in conflict with this Act are repealed.