08 LC 18
6979
House
Bill 1150
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 48-7-100 of the Official Code of Georgia Annotated, relating
to definitions regarding current income tax payment, so as to define the terms
"distribution credited" and "distribution paid"; to repeal conflicting laws; and
for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 48-7-100 of the Official Code of Georgia Annotated, relating to
definitions regarding current income tax payment, is amended by adding new
paragraphs to read as follows:
"(2.1)
'Distribution
credited' means a recognition or assignment of interest in proceeds or property
of a partnership, Subchapter 'S' corporation, or limited liability company,
including a net distributive share of income which is passed through to members
and which may be subject to Georgia income tax.
(2.2)
'Distribution paid
or
credited'
shall
mean
means
any disbursement of funds
or
recognition or assignment of interest in proceeds or
property of a partnership, Subchapter 'S'
corporation, or limited liability company
which is
passed through to the members and which may be subject to Georgia income
tax
of a
distribution credited."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.