07 LC 18
6441-ECS
The
Senate Finance Committee offered the following substitute to HB
357:
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Title 48 of the Official Code of Georgia Annotated, relating to revenue
and taxation, so as 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 supercede and control over certain other provisions; 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 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.
Title
48 of the Official Code of Georgia Annotated, relating to revenue and taxation,
is amended in Code Section 48-1-2, relating to definitions of terms, by adding a
new paragraph to read as follows:
"(14.1)
'Internal Revenue Code' or 'Internal Revenue Code of 1986' means for taxable
years beginning after December 31, 2005, but before January 1, 2007, the
provisions of the United States Internal Revenue Code of 1986 provided for in
federal law enacted on or before January 1, 2006, 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 shall be
treated as if they were not in effect, and except that the following provisions
shall be as amended by the federal Tax Relief and Health Care Act of 2006 (Pub.
L. No. 109-432) as such federal act existed on December 20, 2006, and
effective for purposes of Georgia taxation on the same dates upon which they
became effective for federal tax purposes pursuant to said federal act: Sections
38, 41, 45A, 45N, 51, 51A, 61, 62, 106, 121, 143, 164, 168 (except 168(k) but
not excepting 168(k)(2)(A)(i), 168 (k)(2)(D)(i), and 168(k)(2)(E)), 170, 179E,
198, 220, 222, 223, 263, 280C, 312, 355, 613A, 954, 1043, 1221, 1245, 1355,
1397E, 1400A, 1400B, 7623, and 7872. For such taxable years, provisions of the
Internal Revenue Code of 1986 which were as of January 1, 2006, 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 supercede and control over any provision of
paragraph (14) of this Code section to the contrary."
SECTION
2.
Said
title is further amended by revising paragraph (14) of Code Section 48-1-2,
relating to definitions of terms, as follows:
"(14)
'Internal Revenue Code' or 'Internal Revenue Code of 1986' means for taxable
years beginning on or after January 1,
2006
2007,
the provisions of the United States Internal Revenue Code of 1986 provided for
in federal law enacted on or before January 1,
2006
2007,
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 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,
2006
2007,
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.
For taxable years beginning on or after January 1,
2006
2007,
provisions of the Internal Revenue Code of 1986 which were as of January 1,
2006
2007,
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
3.
(a)
Section 1 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, 2005, but before
January 1, 2007.
(b) Except as otherwise provided in subsection (a) 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, 2007.
(b) Except as otherwise provided in subsection (a) 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, 2007.
SECTION
4.
All
laws and parts of laws in conflict with this Act are repealed.