08 LC
35 0798
House
Bill 1173
By:
Representatives Murphy of the
120th,
Harbin of the
118th,
Sims of the
119th,
Fleming of the
117th,
Howard of the
121st,
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, so as to provide for an exemption for
certain payments to individuals who are victims of serious crimes; to provide
for related matters; to provide for an effective date and 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 in subsection (a) by replacing ";
and" at the end of paragraph (14) with a semicolon, replacing the period at the
end of paragraph (15) with "; and", and adding a new paragraph to read as
follows:
"(16)
The amount of funds paid to a taxpayer either directly from any governmental
agency or nonprofit organization or through a trust account or other fund
established by an agency or nonprofit organization in the form of a gift, grant,
fund, scholarship, or other compensation where such funds are provided to
compensate the taxpayer for the death of an immediate family member caused by a
criminal act to the extent that such amount was included in the taxpayer´s
federal adjusted gross income."
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laws and parts of laws in conflict with this Act are repealed.