SB387: SB387 Revenue and Taxation; state income tax in its entirety; repeal

26 LC 59 0236 Senate Bill 387 By: Senator Moore of the 53rd A BILL TO BE ENTITLED AN ACT To amend Title 48 of the Official Code of Georgia Annotated, re lating to revenue and1 taxation, so as to repeal the state income tax in its entirety; to repeal various income tax2 credits; to provide for related matters; to provide for an effective date and applicability; to3 repeal conflicting laws; and for other purposes.4 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:5 SECTION 1.6 Title 48 of the Official Code of Georgia Annotated, relating to revenue and taxation, is7 amended by repealing in its entirety Chapter 7, relating to income taxes.8 SECTION 2.9 Said title is further amended by adding a new Chapter 7 to read as follows:10 S. B. 387 - 1 - 26 LC 59 0236 "CHAPTER 711 48-7-1.12 For taxable years beginning on or after January 1, 2026, no income taxes whatsoever shall13 be levied or collected by the state or any political subdivision thereof and no income tax14 returns shall be required to be filed for such taxable years."15 SECTION 3.16 Said title is further amended by repealing in its entirety Chapter 7A, relating to tax credits.17 SECTION 4.18 (a) This Act shall become effective on July 1, 2026, and shall be applicable to taxable years19 beginning on or after January 1, 2026.20 (b) Tax, penalty, and interest liabilities and refund eligibil ity for taxable years beginning21 prior to January 1, 2026, shall not be affected by the passage of this Act and shall continue22 to be governed by the provisions of Title 48 of the Official Co de of Georgia Annotated as23 it existed immediately prior to January 1, 2026.24 SECTION 5.25 All laws and parts of laws in conflict with this Act are repealed.26 S. B. 387 - 2 -