| 3 | 3 | | By: Representatives Carson of the 46 |
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| 4 | 4 | | th |
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| 5 | 5 | | , Blackmon of the 146 |
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| 6 | 6 | | th |
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| 7 | 7 | | , Kelley of the 16 |
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| 8 | 8 | | th |
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| 9 | 9 | | , Wilkerson |
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| 10 | 10 | | of the 38 |
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| 11 | 11 | | th |
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| 12 | 12 | | , and Williamson of the 112 |
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| 13 | 13 | | th |
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| 14 | 14 | | |
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| 15 | 15 | | A BILL TO BE ENTITLED |
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| 16 | 16 | | AN ACT |
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| 17 | 17 | | To amend Chapter 1 of Title 48 of the Official Code of Georgia Annotated, relating to |
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| 18 | 18 | | 1 |
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| 19 | 19 | | general provisions of revenue and taxation, so as to revise the terms "Internal Revenue Code"2 |
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| 20 | 20 | | and "Internal Revenue Code of 1986" to incorporate certain provisions of the federal law into3 |
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| 21 | 21 | | Georgia law; to provide for related matters; to provide for an effective date and applicability;4 |
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| 22 | 22 | | to repeal conflicting laws; and for other purposes.5 |
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| 23 | 23 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 |
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| 24 | 24 | | SECTION 1.7 |
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| 25 | 25 | | Chapter 1 of Title 48 of the Official Code of Georgia Annotated, relating to general8 |
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| 26 | 26 | | provisions of revenue and taxation, is amended by revising paragraph (14) of Code Section9 |
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| 27 | 27 | | 48-1-2, relating to definitions, as follows:10 |
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| 28 | 28 | | "(14) 'Internal Revenue Code' or 'Internal Revenue Code of 1986' means for taxable years11 |
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| 29 | 29 | | beginning on or after January 1, 2023 |
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| 30 | 30 | | 2024, the provisions of the United States Internal12 |
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| 31 | 31 | | Revenue Code of 1986, as amended, provided for in federal law enacted on or before13 |
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| 32 | 32 | | January 1, 2024 2025, except that Section 108(i), Section 163(e)(5)(F), Section14 |
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| 33 | 33 | | 168(b)(3)(I), Section 168(e)(3)(B)(vii), Section 168(e)(3)(E)(ix), Section 168(e)(8),15 |
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| 34 | 34 | | Section 168(k), Section 168(m), Section 168(n), Section 179(d)(1)(B)(ii), Section 179(f),16 |
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| 35 | 35 | | H. B. 290 |
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| 37 | 37 | | Section 199, Section 381(c)(20), Section 382(d)(3), Section 810(b)(4), Section 1400L, |
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| 38 | 38 | | 17 |
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| 39 | 39 | | Section 1400N(d)(1), Section 1400N(f), Section 1400N(j), Section 1400N(k), and Section18 |
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| 40 | 40 | | 1400N(o) of the Internal Revenue Code of 1986, as amended, shall be treated as if they19 |
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| 41 | 41 | | were not in effect, and except that Section 168(e)(7), Section 172(b)(1)(F), and Section20 |
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| 42 | 42 | | 172(i)(1) of the Internal Revenue Code of 1986, as amended, shall be treated as they were21 |
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| 43 | 43 | | in effect before the 2008 enactment of federal Public Law 110-343, and except that22 |
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| 44 | 44 | | Section 163(i)(1) of the Internal Revenue Code of 1986, as amended, shall be treated as23 |
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| 45 | 45 | | it was in effect before the 2009 enactment of federal Public Law 111-5, and except that24 |
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| 46 | 46 | | Section 13(e)(4) of 2009 federal Public Law 111-92 shall be treated as if it was not in25 |
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| 47 | 47 | | effect, and except that Section 118, Section 163(j), Section 382(k)(1), and Section 17426 |
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| 48 | 48 | | of the Internal Revenue Code of 1986, as amended, shall be treated as they were in effect27 |
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| 49 | 49 | | before the 2017 enactment of federal Public Law 115-97; provided, however, that all28 |
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| 50 | 50 | | provisions in federal Public Law 117-58 (Infrastructure Investment and Jobs Act) that29 |
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| 51 | 51 | | change or affect in any manner Section 118 shall be treated as if they were in effect, and30 |
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| 52 | 52 | | except that all provisions in federal Public Law 116-136 (CARES Act) that change or31 |
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| 53 | 53 | | affect in any manner Section 172 and Section 461(l) shall be treated as if they were not32 |
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| 54 | 54 | | in effect, and except that all provisions in federal Public Law 117-2 (American Rescue33 |
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| 55 | 55 | | Plan Act of 2021) that change or affect in any manner Section 461(l) shall be treated as34 |
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| 56 | 56 | | if they were not in effect, and except that the limitations provided in Section 179(b)(1)35 |
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| 57 | 57 | | shall be $250,000.00 for tax years beginning in 2010, shall be $250,000.00 for tax years36 |
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| 58 | 58 | | beginning in 2011, shall be $250,000.00 for tax years beginning in 2012, shall be37 |
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| 59 | 59 | | $250,000.00 for tax years beginning in 2013, and shall be $500,000.00 for tax years38 |
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| 60 | 60 | | beginning in 2014, and except that the limitations provided in Section 179(b)(2) shall be39 |
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| 61 | 61 | | $800,000.00 for tax years beginning in 2010, shall be $800,000.00 for tax years40 |
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| 62 | 62 | | beginning in 2011, shall be $800,000.00 for tax years beginning in 2012, shall be41 |
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| 63 | 63 | | $800,000.00 for tax years beginning in 2013, and shall be $2 million for tax years42 |
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| 64 | 64 | | beginning in 2014, and provided that Section 1106 of federal Public Law 112-95 as43 |
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| 65 | 65 | | H. B. 290 |
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| 67 | 67 | | amended by federal Public Law 113-243 shall be treated as if it is in effect, except the |
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| 68 | 68 | | 44 |
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| 69 | 69 | | phrase 'Code Section 48-2-35 (or, if later, November 15, 2015)' shall be substituted for45 |
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| 70 | 70 | | the phrase 'section 6511(a) of such Code (or, if later, April 15, 2015),' and46 |
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| 71 | 71 | | notwithstanding any other provision in this title, no interest shall be refunded with respect47 |
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| 72 | 72 | | to any claim for refund filed pursuant to Section 1106 of federal Public Law 112-95, and48 |
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| 73 | 73 | | provided that subsection (b) of Section 3 of federal Public Law 114-292 shall be treated49 |
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| 74 | 74 | | as if it is in effect, except the phrase 'Code Section 48-2-35' shall be substituted for the50 |
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| 75 | 75 | | phrase 'section 6511(a) of the Internal Revenue Code of 1986' and the phrase 'such51 |
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| 76 | 76 | | section' shall be substituted for the phrase 'such subsection.' In the event a reference is52 |
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| 77 | 77 | | made in this title to the Internal Revenue Code or the Internal Revenue Code of 1954 as53 |
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| 78 | 78 | | it existed on a specific date prior to January 1, 2024 |
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| 79 | 79 | | 2025, the term means the provisions54 |
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| 80 | 80 | | of the Internal Revenue Code or the Internal Revenue Code of 1954 as it existed on the55 |
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| 81 | 81 | | prior date. Unless otherwise provided in this title, any term used in this title shall have56 |
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| 82 | 82 | | the same meaning as when used in a comparable provision or context in the Internal57 |
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| 83 | 83 | | Revenue Code of 1986, as amended. For taxable years beginning on or after January 1,58 |
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| 84 | 84 | | 2023 2024, provisions of the Internal Revenue Code of 1986, as amended, which were59 |
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| 85 | 85 | | as of January 1, 2024 2025, enacted into law but not yet effective shall become effective60 |
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| 86 | 86 | | for purposes of Georgia taxation on the same dates upon which they become effective for61 |
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| 87 | 87 | | federal tax purposes."62 |
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| 88 | 88 | | SECTION 2.63 |
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| 89 | 89 | | This Act shall become effective upon its approval by the Governor or upon its becoming law64 |
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| 90 | 90 | | without such approval and shall be applicable to all taxable years beginning on or after65 |
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| 91 | 91 | | January 1, 2024.66 |
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| 92 | 92 | | SECTION 3.67 |
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| 93 | 93 | | All laws and parts of laws in conflict with this Act are repealed.68 |
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| 94 | 94 | | H. B. 290 |
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| 95 | 95 | | - 3 - |
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