| 6 | 5 | | A BILL TO BE ENTITLED |
|---|
| 7 | 6 | | AN ACT |
|---|
| 8 | 7 | | To amend Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to |
|---|
| 9 | 8 | | 1 |
|---|
| 10 | 9 | | income taxes, so as to exempt from taxation all income received as retirement benefits2 |
|---|
| 11 | 10 | | derived from service in the armed forces of the United States or the reserve components3 |
|---|
| 12 | 11 | | thereof; to provide for related matters; to provide for an effective date and applicability; to4 |
|---|
| 13 | 12 | | repeal conflicting laws; and for other purposes.5 |
|---|
| 14 | 13 | | BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:6 |
|---|
| 15 | 14 | | SECTION 1.7 |
|---|
| 16 | 15 | | Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes,8 |
|---|
| 17 | 16 | | is amended in Code Section 48-7-27, relating to computation of taxable net income, by9 |
|---|
| 18 | 17 | | revising paragraph (5.1) of subsection (a) as follows:10 |
|---|
| 19 | 18 | | "(5.1)(A) Up to $17,500.00 of |
|---|
| 20 | 19 | | All income received by an individual who is less than 6211 |
|---|
| 21 | 20 | | years of age paid to such paid to an individual as retirement benefits from military service12 |
|---|
| 22 | 21 | | in the armed forces of the United States or the reserve components thereof and an13 |
|---|
| 23 | 22 | | additional amount of up to $17,500.00 of such income, provided that he or she has14 |
|---|
| 24 | 23 | | Georgia earned income otherwise included in his or her Georgia taxable net income in15 |
|---|
| 25 | 24 | | an amount that exceeds $17,500.00.16 |
|---|
| 26 | 25 | | S. B. 31 |
|---|
| 27 | 26 | | - 1 - 25 LC 50 1003 |
|---|
| 28 | 27 | | (B) In the case of a married couple filing jointly, each spouse who is otherwise17 |
|---|
| 29 | 28 | | qualified for an exclusion allowed by this paragraph shall be individually entitled to18 |
|---|
| 30 | 29 | | exclude retirement income received by that spouse up to the exclusion amount.19 |
|---|
| 31 | 30 | | (C) The exclusions exclusion provided for in this paragraph shall not apply to or affect20 |
|---|
| 32 | 31 | | and shall be in addition to those adjustments to net income provided for under any other21 |
|---|
| 33 | 32 | | paragraph of this subsection;"22 |
|---|
| 34 | 33 | | SECTION 2.23 |
|---|
| 35 | 34 | | This Act shall become effective on July 1, 2025, and shall be applicable to all taxable years24 |
|---|
| 36 | 35 | | beginning on or after January 1, 2026.25 |
|---|
| 37 | 36 | | SECTION 3.26 |
|---|
| 38 | 37 | | All laws and parts of laws in conflict with this Act are repealed.27 |
|---|
| 39 | 38 | | S. B. 31 |
|---|
| 40 | 39 | | - 2 - |
|---|