SB71: SB71 Income Taxes; taxable net income compensation of athletes for the use of the athlete's name, image, or likeness; exempt

25 LC 50 0945 Senate Bill 71 By: Senators Beach of the 21st, Dolezal of the 27th, Watson of the 1st, Summers of the 13th and Ginn of the 47th A BILL TO BE ENTITLED AN ACT To amend Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to1 income taxes, so as to exempt from taxable net income compensation of athletes for the use2 of the athlete's name, image, or likeness; to provide for relat ed matters; to provide for3 applicability; to repeal conflicting laws; and for other purposes.4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 SECTION 1.6 Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes,7 is amended by adding a new paragraph to subsection (a) of Code Section 48-7-27, relating8 to computation of taxable net income, to read as follows:9 "(11.3) Income received pursuant to Code Section 20-3-681 by a student athlete at a10 postsecondary educational institution as compensation for the u se of his or her name,11 image, or likeness, to the extent such income is included in the taxpayer's federal adjusted12 gross income and is not otherwise exempt from the tax imposed by this article under any13 other provision of law;"14 S. B. 71 - 1 - 25 LC 50 0945 SECTION 2.15 This Act shall be applicable to taxable years beginning on or after January 1, 2025.16 SECTION 3.17 All laws and parts of laws in conflict with this Act are repealed.18 S. B. 71 - 2 -