08 LC 18
6980
House
Bill 1149
By:
Representatives Knight of the
126th,
Tumlin of the
38th,
and Mosby of the
90th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 48-7-101 of the Official Code of Georgia Annotated, relating
to withholding requirements for income tax, so as to authorize certain elections
regarding lump sum distributions; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 48-7-101 of the Official Code of Georgia Annotated, relating to
withholding requirements for income tax, is amended by adding a new subsection
to read as follows:
"(j)(1)
The payee of any nonperiodic payment may elect to have withholding made on
distributions from a pension, annuity, or similar fund. Such an election shall
remain in effect until revoked by the payee.
(2)
Upon such election by a payee as provided in paragraph (1) of this subsection,
the payor of any nonperiodic payment shall withhold from such payment the amount
specified by the payee, but in no event shall the amount withheld be less than
the amount which would be required to be withheld if such payment were a payment
of wages by an employer to an employee for the appropriate payroll
period.
(3)
The commissioner shall be authorized to prescribe forms and to promulgate rules
and regulations setting forth the requirements for withholding from such
nonperiodic payments and the requirements for making elections to
withhold."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.