| 1 | 1 | | 25 LC 50 1038 |
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| 2 | 2 | | House Bill 361 |
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| 3 | 3 | | By: Representatives Ballard of the 147 |
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| 4 | 4 | | th |
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| 5 | 5 | | , Bonner of the 73 |
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| 6 | 6 | | rd |
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| 7 | 7 | | , Clark of the 100 |
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| 8 | 8 | | th |
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| 9 | 9 | | , Rice of the |
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| 10 | 10 | | 139 |
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| 11 | 11 | | th |
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| 12 | 12 | | , Reese of the 140 |
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| 13 | 13 | | th |
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| 14 | 14 | | , and others |
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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 7 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 | | income taxes, so as to exempt from taxation all income received as retirement benefits2 |
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| 20 | 20 | | derived from service in the armed forces of the United States or the reserve components3 |
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| 21 | 21 | | thereof; to provide for related matters; to provide for an effective date and applicability; to4 |
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| 22 | 22 | | 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 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes,8 |
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| 26 | 26 | | is amended in Code Section 48-7-27, relating to computation of taxable net income, by9 |
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| 27 | 27 | | revising paragraph (5.1) of subsection (a) as follows:10 |
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| 28 | 28 | | "(5.1)(A) Up to $17,500.00 of |
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| 29 | 29 | | All income received by an individual who is less than11 |
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| 30 | 30 | | 62 years of age paid to such paid to an individual as retirement benefits from military12 |
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| 31 | 31 | | service in the armed forces of the United States or the reserve components thereof and13 |
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| 32 | 32 | | an additional amount of up to $17,500.00 of such income, provided that he or she has14 |
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| 33 | 33 | | Georgia earned income otherwise included in his or her Georgia taxable net income in15 |
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| 34 | 34 | | an amount that exceeds $17,500.00.16 |
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| 35 | 35 | | H. B. 361 |
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| 36 | 36 | | - 1 - 25 LC 50 1038 |
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| 37 | 37 | | (B) In the case of a married couple filing jointly, each spouse who is otherwise17 |
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| 38 | 38 | | qualified for an exclusion allowed by this paragraph shall be individually entitled to18 |
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| 39 | 39 | | exclude retirement income received by that spouse up to the exclusion amount.19 |
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| 40 | 40 | | (C) The exclusions exclusion provided for in this paragraph shall not apply to or affect20 |
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| 41 | 41 | | and shall be in addition to those adjustments to net income provided for under any other21 |
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| 42 | 42 | | paragraph of this subsection;"22 |
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| 43 | 43 | | SECTION 2.23 |
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| 44 | 44 | | This Act shall become effective on July 1, 2025, and shall be applicable to all taxable years24 |
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| 45 | 45 | | beginning on or after January 1, 2026.25 |
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| 46 | 46 | | SECTION 3.26 |
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| 47 | 47 | | All laws and parts of laws in conflict with this Act are repealed.27 |
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| 48 | 48 | | H. B. 361 |
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| 49 | 49 | | - 2 - |
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