07 LC 38
0229
House
Bill 86
By:
Representatives Forster of the
3rd,
Amerson of the
9th,
Yates of the
73rd,
Sims of the
169th,
Talton of the
145th,
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 that retirement or
compensation received as retirement benefits from military service shall not be
subject to state income tax; to provide for conditions and limitations; to
provide an effective date; to provide for 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 by adding a new paragraph to
subsection (a) to read as follows:
"(12.1)
Retirement or compensation received as retirement benefits from the military
services of the United States of America and survivor benefits derived
therefrom;"
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laws and parts of laws in conflict with this Act are repealed.