House Bill 290 (AS PASSED HOUSE AND SENATE)
By: Representatives Carson of the 46th, Blackmon of the 146th, Kelley of the 16th, Wilkerson
of the 38th, and Williamson of the 112th
A BILL TO BE ENTITLED
AN ACT
To amend Chapter 1 of Title 48 of the Official Code of Georgia Annotated, relating to
general provisions of revenue and taxation, so as to revise the terms "Internal Revenue Code"
and "Internal Revenue Code of 1986" to incorporate certain provisions of the federal law into
Georgia law; to provide for related matters; to provide for an effective date and applicability;
to repeal conflicting laws; and for other purposes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION 1.
Chapter 1 of Title 48 of the Official Code of Georgia Annotated, relating to general
provisions of revenue and taxation, is amended by revising paragraph (14) of Code Section
48-1-2, relating to definitions, as follows:
"(14) 'Internal Revenue Code' or 'Internal Revenue Code of 1986' means for taxable years
beginning on or after January 1, <del>2023</del> <ins>2024,</ins> the provisions of the United States Internal
Revenue Code of 1986, as amended, provided for in federal law enacted on or before
January 1, <del>2024</del> <ins>2025,</ins> except that Section 108(i), Section 163(e)(5)(F), Section
168(b)(3)(I), Section 168(e)(3)(B)(vii), Section 168(e)(3)(E)(ix), Section 168(e)(8),
Section 168(k), Section 168(m), Section 168(n), Section 179(d)(1)(B)(ii), Section 179(f),
Section 199, Section 381(c)(20), Section 382(d)(3), Section 810(b)(4), Section 1400L,
Section 1400N(d)(1), Section 1400N(f), Section 1400N(j), Section 1400N(k), and Section
1400N(o) of the Internal Revenue Code of 1986, as amended, shall be treated as if they
were not in effect, and except that Section 168(e)(7), Section 172(b)(1)(F), and Section
172(i)(1) of the Internal Revenue Code of 1986, as amended, shall be treated as they were
in effect before the 2008 enactment of federal Public Law 110-343, and except that
Section 163(i)(1) of the Internal Revenue Code of 1986, as amended, shall be treated as
it was in effect before the 2009 enactment of federal Public Law 111-5, and except that
Section 13(e)(4) of 2009 federal Public Law 111-92 shall be treated as if it was not in
effect, and except that Section 118, Section 163(j), Section 382(k)(1), and Section 174
of the Internal Revenue Code of 1986, as amended, shall be treated as they were in effect
before the 2017 enactment of federal Public Law 115-97; provided, however, that all
provisions in federal Public Law 117-58 (Infrastructure Investment and Jobs Act) that
change or affect in any manner Section 118 shall be treated as if they were in effect, and
except that all provisions in federal Public Law 116-136 (CARES Act) that change or
affect in any manner Section 172 and Section 461(l) shall be treated as if they were not
in effect, and except that all provisions in federal Public Law 117-2 (American Rescue
Plan Act of 2021) that change or affect in any manner Section 461(l) shall be treated as
if they were not in effect, and except that the limitations provided in Section 179(b)(1)
shall be $250,000.00 for tax years beginning in 2010, shall be $250,000.00 for tax years
beginning in 2011, shall be $250,000.00 for tax years beginning in 2012, shall be
$250,000.00 for tax years beginning in 2013, and shall be $500,000.00 for tax years
beginning in 2014, and except that the limitations provided in Section 179(b)(2) shall be
$800,000.00 for tax years beginning in 2010, shall be $800,000.00 for tax years
beginning in 2011, shall be $800,000.00 for tax years beginning in 2012, shall be
$800,000.00 for tax years beginning in 2013, and shall be $2 million for tax years
beginning in 2014, and provided that Section 1106 of federal Public Law 112-95 as
amended by federal Public Law 113-243 shall be treated as if it is in effect, except the
phrase 'Code Section 48-2-35 (or, if later, November 15, 2015)' shall be substituted for
the phrase 'section 6511(a) of such Code (or, if later, April 15, 2015),' and
notwithstanding any other provision in this title, no interest shall be refunded with respect
to any claim for refund filed pursuant to Section 1106 of federal Public Law 112-95, and
provided that subsection (b) of Section 3 of federal Public Law 114-292 shall be treated
as if it is in effect, except the phrase 'Code Section 48-2-35' shall be substituted for the
phrase 'section 6511(a) of the Internal Revenue Code of 1986' and the phrase 'such
section' shall be substituted for the phrase 'such subsection.' In the event a reference is
made in this title to the Internal Revenue Code or the Internal Revenue Code of 1954 as
it existed on a specific date prior to January 1, <del>2024</del> <ins>2025,</ins> the term means the provisions
of the Internal Revenue Code or the Internal Revenue Code of 1954 as it existed on the
prior date. Unless otherwise provided in this title, any term used in this title shall have
the same meaning as when used in a comparable provision or context in the Internal
Revenue Code of 1986, as amended. For taxable years beginning on or after January 1,
<del>2023</del> <ins>2024,</ins> provisions of the Internal Revenue Code of 1986, as amended, which were
as of January 1, <del>2024</del> <ins>2025,</ins> enacted into law but not yet effective shall become effective
for purposes of Georgia taxation on the same dates upon which they become effective for
federal tax purposes."
SECTION 2.
This Act shall become effective upon its approval by the Governor or upon its becoming law
without such approval and shall be applicable to all taxable years beginning on or after
January 1, 2024.
SECTION 3.
All laws and parts of laws in conflict with this Act are repealed.