07 LC
18 6087
House
Bill 204
By:
Representatives Scott of the
2nd,
Knox of the
24th,
Setzler of the
35th,
Franklin of the
43rd,
Davis of the
109th,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating
to income taxes, so as to change certain tax tables used for computing income
tax; to provide for an effective date; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Title
48 of the Official Code of Georgia Annotated, relating to income taxes, is
amended by revising paragraph (1) of subsection (b) of Code Section 48-7-20,
relating to the income tax rate for individuals, as follows:
"(b)(1)
The tax imposed pursuant to subsection (a) of this Code section shall be
computed in accordance with the following tables:
(A)
For the taxable years beginning on or after January 1, 2007, and prior to
January 1, 2008:
SINGLE
PERSON
If
Georgia Taxable
Net
Income Is:
The Tax Is:
Not
over $750.00 1%
Over
$750.00 but not over $2,250.00 $7.50 plus 2% of
amount
over $750.00
Over
$2,250.00 but not over $3,750.00 $37.50 plus 3% of
amount
over $2,250.00
Over
$3,750.00 but not over $5,250.00 $82.50 plus 4% of
amount
over $3,750.00
Over
$5,250.00 but not over $7,000.00 $142.50 plus 5% of
amount
over $5,250.00
Over
$7,000.00 $230.00 plus 6% of
amount
over $7,000.00
MARRIED
PERSON FILING A SEPARATE RETURN
If
Georgia Taxable
Net
Income Is:
The Tax Is:
Not
over $500.00 1%
Over
$500.00 but not over $1,500.00 $5.00 plus 2% of
amount
over $500.00
Over
$1,500.00 but not over $2,500.00 $25.00 plus 3% of
amount
over $1,500.00
Over
$2,500.00 but not over $3,500.00 $55.00 plus 4% of
amount
over $2,500.00
Over
$3,500.00 but not over $5,000.00 $95.00 plus 5% of
amount
over $3,500.00
Over
$5,000.00 $170.00 plus 6% of
amount
over $5,000.00
HEAD
OF HOUSEHOLD AND MARRIED PERSONS
FILING A JOINT RETURN
FILING A JOINT RETURN
If
Georgia Taxable
Net
Income Is:
The Tax Is:
Not
over $1,000.00 1%
Over
$1,000.00 but not over $3,000.00 $10.00 plus 2% of
amount
over $1,000.00
Over
$3,000.00 but not over $5,000.00 $50.00 plus 3% of
amount
over $3,000.00
Over
$5,000.00 but not over $7,000.00 $110.00 plus 4% of
amount
over $5,000.00
Over
$7,000.00 but not over $10,000.00 $190.00 plus 5% of
amount
over $7,000.00
Over
$10,000.00 $340.00 plus 6% of
amount
over $10,000.00
(B)
For the taxable years beginning on or after January 1, 2008:
SINGLE
PERSON
If
Georgia Taxable
Net
Income Is:
The Tax
Is:
Not
over $2,250.00 1%
Over
$2,250.00 but not over $3,750.00 $37.50 plus 2%
of
amount
over $2,250.00
Over
$3,750.00 but not over $5,250.00 $82.50 plus 3%
of
amount
over $3,750.00
Over
$5,250.00 but not over $7,000.00 $142.50 plus 4%
of
amount
over $5,250.00
Over
$7,000.00 $230.00 plus 5% of
amount
over $7,000.00
MARRIED
PERSON FILING A SEPARATE RETURN
If
Georgia Taxable
Net
Income Is:
The Tax
Is:
Not
over $1,500.00 1%
Over
$1,500.00 but not over $2,500.00 $25.00 plus 2%
of
amount
over $1,500.00
Over
$2,500.00 but not over $3,500.00 $55.00 plus 3%
of
amount
over $2,500.00
Over
$3,500.00 but not over $5,000.00 $95.00 plus 4%
of
amount
over $3,500.00
Over
$5,000.00 $170.00 plus 5% of
amount
over $5,000.00
HEAD
OF HOUSEHOLD AND MARRIED PERSONS
FILING A JOINT RETURN
FILING A JOINT RETURN
If
Georgia Taxable
Net
Income Is:
The Tax
Is:
Not
over $3,000.00 1%
Over
$3,000.00 but not over $5,000.00 $50.00 plus 2%
of
amount
over $3,000.00
Over
$5,000.00 but not over $7,000.00 $110.00 plus 3%
of
amount
over $5,000.00
Over
$7,000.00 but not over $10,000.00 $190.00 plus 4%
of
amount
over $7,000.00
Over
$10,000.00 $340.00 plus 5% of
amount
over $10,000.00"
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.