Georgia General Assembly · Full text

HB 264: Income tax; fully exempt residents who have reached the age of 100

Introduced version, the latest LegiScan holds · Last action February 6, 2025 · Introduced

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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 to income taxes, so as to fully exempt residents who have reached the age of 100; to provide for related matters; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes, is amended by revising subsection (a) of Code Section 48-7-20, relating to individual tax rates, credit for withholding and other payments, and applicability to estates and trusts, as follows:

"(a)(1) A tax is imposed upon every resident of this state with respect to the Georgia taxable net income of the taxpayer as defined in Code Section 48-7-27; provided, however, that for taxable years beginning on or after January 1, 2025, no such tax is imposed on any resident of this state who has reached the age of 100 or older prior to January 1 of such taxable year.

(2) A tax is imposed upon every nonresident with respect to such nonresident's Georgia taxable net income not otherwise exempted which is received by the taxpayer from services performed, property owned, proceeds of any lottery prize awarded by the Georgia Lottery Corporation, or from business carried on in this state. (3) Except as otherwise provided in this chapter, the tax imposed by this subsection shall be levied, collected, and paid annually."

SECTION 2.

All laws and parts of laws in conflict with this Act are repealed.