HB264: HB264 Income tax; fully exempt residents who have reached the age of 100

25 LC 50 1001 House Bill 264 By: Representatives Ridley of the 22nd, Ridley of the 6th, Horner of the 3rd, Powell of the 33rd, Tarvin of the 2nd, and others 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 fully exempt residents who have reached the age of 100; to provide2 for related matters; to repeal conflicting laws; and for other purposes.3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:4 SECTION 1.5 Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes,6 is amended by revising subsection (a) of Code Section 48-7-20, relating to individual tax7 rates, credit for withholding and other payments, and applicabi lity to estates and trusts, as8 follows:9 "(a)(1) A tax is imposed upon every resident of this state with respe ct to the Georgia10 taxable net income of the taxpayer as defined in Code Section 4 8-7-27; provided,11 however, that for taxable years beginning on or after January 1 , 2025, no such tax is12 imposed on any resident of this state who has reached the age o f 100 or older prior to13 January 1 of such taxable year.14 (2) A tax is imposed upon every nonresident with respect to such nonresident's Georgia15 taxable net income not otherwise exempted which is received by the taxpayer from16 H. B. 264 - 1 - 25 LC 50 1001 services performed, property owned, proceeds of any lottery pri ze awarded by the17 Georgia Lottery Corporation, or from business carried on in this state. 18 (3) Except as otherwise provided in this chapter, the tax imposed by this subsection shall19 be levied, collected, and paid annually."20 SECTION 2.21 All laws and parts of laws in conflict with this Act are repealed.22 H. B. 264 - 2 -