07 LC 14
9605
House
Bill 446
By:
Representatives Royal of the
171st
and Floyd of the
147th
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 48-8-45 of the Official Code of Georgia Annotated, relating
to sales and use tax reporting of sales and deductibility of bad debts, so as to
change provisions relating to deductions of bad debts by persons reporting on an
accrual basis; to authorize refunds as well as deductions; to provide for claims
to be filed by certain affiliated groups; to provide for related matters; to
repeal conflicting laws; and for other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 48-8-45 of the Official Code of Georgia Annotated, relating to sales and
use tax reporting of sales and deductibility of bad debts, is amended by
revising subsection (c) as follows:
"(c)
Any person reporting on the accrual basis of accounting shall be allowed a
deduction or
refund for bad debts under rules and
regulations of the commissioner on the same basis that bad debts are allowed as
a deduction on state income tax returns. In the case of an assignee of credit
card debt purchased directly from a dealer without recourse, the assignee
reporting on the accrual basis of accounting or a credit card bank which extends
such credit to customers under a private label credit card program shall be
allowed a deduction
or
refund for bad credit card debts under
rules and regulations of the commissioner on the same basis that bad credit card
debts are allowed as a deduction on state income tax returns.
An assignee of
credit card debt or a credit card bank which extends credit may have its
deduction or refund for bad debts claimed on a return filed by a member of an
affiliated group as defined under 26 U.S.C. Section
1504."
SECTION
2.
All
laws and parts of laws in conflict with this Act are repealed.