SB476: SB476 "Income Tax Reduction Act of 2026"; enact

26 LC 59 0312 Senate Bill 476 By: Senators Tillery of the 19th, Walker III of the 20th, Anavitarte of the 31st, Hufstetler of the 52nd, Robertson of the 29th and others AS PASSED SENATE A BILL TO BE ENTITLED AN ACT To amend Title 33 and Title 48 of the Official Code of Georgia Annotated, relating to1 insurance and revenue and taxation, respectively, so as to redu ce the personal income tax2 rate; to remove provisions relative to annual reductions of the income tax; to reduce the rates3 of taxation on corporate and partnership income; to increase th e amount of the standard4 deduction from state taxable income for individuals; to provide a sunset date for all credits5 against Georgia taxable net income; to repeal the abatement or reduction of gross premium6 tax levied against insurance companies, the dollar-for-dollar credit against state income tax7 liability for banks and other financial institutions, credits f or manufacturers of medical8 equipment and supplies, pharmaceuticals, medicine, and personal protective equipment,9 optional income tax credits for existing manufacturing and telecommunications facilities in10 tier 3 and 4 counties, credits for alternative fuel, low-emission, and zero-emission vehicles11 and electric vehicle chargers, businesses headquartered in this state, businesses engaged in12 manufacturing cigarettes for exportation, business enterprises that purchase or lease a motor13 vehicle to provide transportation for employees, base year port traffic increases, and14 teleworking expenses; to modify such credits for low-income hou sing and qualified15 investments in a research fund; to repeal the state sales tax and use exemptions for the rental16 of videotape or motion picture film, the sale of aircraft, watercraft, and motor vehicles under17 certain circumstances; to repeal such exemptions for the sale t o licensed commercial18 S. B. 476 - 1 - 26 LC 59 0312 fishermen of bait for taking crabs, printed advertising inserts or supplements, the sale of19 machinery or equipment used to reduce air or water pollution, h igh-technology company20 computer equipment sales, data center equipment, sales of machi nery, equipment, and21 materials used in the construction or operation of certain buil dings, the sale of natural or22 artificial gas under certain circumstances, and the maintenance, refitting, and repair of any23 boat; to allow for the continued use of certificates of exempti on issued prior to the date of24 repeal as they relate to certain sales and use tax exemptions; to provide for conforming25 changes; to provide for related matters; to provide for an effective date and applicability; to26 provide a short title; to repeal conflicting laws; and for other purposes.27 BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:28 PART I29 SECTION 1-1.30 This Act shall be known and may be cited as the "Income Tax Reduction Act of 2026."31 PART II32 SECTION 2-1.33 Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the34 imposition, rate, computation, exemptions, and credits relative to income taxes, is amended35 by revising subsection (a.1) of Code Section 48-7-20, relating to individual tax rates, credit36 for withholding and other payments, and applicability to estates and trusts, as follows:37 "(a.1)(1) On and after January 1, 2025 For taxable years beginning on or after38 January 1, 2026, the tax imposed pursuant to subsection (a) of this Code section shall be39 5.19 4.99 percent. for taxable years beginning on or aft er January 1, 2025; provi ded,40 S. B. 476 - 2 - 26 LC 59 0312 however, that such rate shall be reduced by 0.10 percent annual ly beginning on41 January 1, 2026, until the rate reaches 4.99 percent, provided that such annual reductions42 in the tax rate shall be subject to delays as provided in paragraph (2) of this subsection.43 (2) Each prospective annual reduction in the tax rate that wou ld otherwise occur as44 provided in paragraph (1) of this subsection shall be delayed by one year for each year45 that any of the following are true as of December 1:46 (A) The Governor's revenue estimate for the succeeding fiscal year is not at least 347 percent above the Governor's revenue estimate for the present fiscal year;48 (B) The prior fiscal year's net revenue collection was not hig her than each of the49 preceding three fiscal years' net tax revenue collection; or50 (C) The Revenue Shortfall Reserve provided for in Code Section 45-12-93 does not51 contain a sum that exceeds the amount of the decrease in state revenue projected to52 occur as a result of the prospective reduction in the tax rates set to occur the following53 year.54 (3) The Office of Planning and Budget shall make the determina tions necessary to55 implement the provisions of paragraph (2) of this subsection an d shall report its56 determinations by December 1 of each year to the department, the Speaker of the House57 of Representatives, the President of the Senate, and the chairp ersons of the House58 Appropriations Committee, the House Ways and Means Committee, t he Senate59 Appropriations Committee, and the Senate Finance Committee. This paragraph shall not60 be applicable after the final reduction to the rate of 4.99 percent occurs."61 SECTION 2-2.62 Said article is further amended by revising subsection (a) and division (b)(7)(C)(ii) of Code63 Section 48-7-21, relating to taxation of corporations, as follows:64 "(a) Every domestic corporation and every foreign corporation s hall pay annually an65 income tax on equivalent to 4.99 percent of its Georgia taxable net income at the same rate66 S. B. 476 - 3 - 26 LC 59 0312 of the tax imposed on individuals under subsection (a.1) of Code Section 48-7-20 for the67 corresponding taxable year . Georgia taxable net income of a corporation shall be the68 corporation's taxable income from property owned or from business done in this state. A69 corporation's taxable income from property owned or from business done in this state shall70 consist of the corporation's taxable income as defined in the I nternal Revenue Code71 of 1986, with the adjustments provided for in subsection (b) of this Code section and72 allocated and apportioned as provided in Code Section 48-7-31."73 "(ii) Notwithstanding the provisions of subparagraph (B) of thi s paragraph, an74 electing Subchapter 'S' corporation, with respect to a taxable period, shall pay an75 income tax on equivalent to 4.99 percent of its net income at the same rate of the tax76 imposed on individuals under subsection (a.1) of Code Section 4 8-7-20 for the77 corresponding taxable year as computed pursuant to this Code section, and allocated78 and apportioned pursuant to Code Section 48-7-31, for such taxable period, and such79 shareholders shall not recognize their respective share of the portion of income on80 which tax was actually paid pursuant to this subparagraph."81 SECTION 2-3.82 Said article is further amended by revising paragraph (3) of su bsection (b) of Code83 Section 48-7-23, relating to taxation of partnerships, computat ion of net income,84 disallowance of charitable contributions, individual liability of partners, individual returns85 of distributive shares, taxable years, and elections, as follows:86 "(3) Notwithstanding subsection (a) of this Code section, an el ecting partnership with87 respect to a taxable period shall pay an income tax on equivalent to 4.99 percent of its net88 income at the same rate of the tax imposed on individuals under subsection (a.1) of Code89 Section 48-7-20 for the corresponding taxable year as computed pursuant to this Code90 Section section, and allocated and apportioned pursuant to Code Section 48-7-3 1, for91 S. B. 476 - 4 - 26 LC 59 0312 such taxable period, and such partners shall not recognize thei r respective share of the92 portion of income on which tax was actually paid pursuant to this subsection."93 SECTION 2-4.94 Said article is further amended by revising the introductory language and paragraph (1) of95 subsection (a) of Code Section 48-7-27, relating to computation of taxable net income, as96 follows:97 "(a) Georgia taxable net income of an individual shall be the t axpayer's federal adjusted98 gross income, as defined in the United States Internal Revenue Code of 1986, less:99 (1) At the taxpayer's election, either:100 (A) The sum of all itemized nonbusiness deductions used in computing such taxpayer's101 federal taxable income; or102 (B) A standard deduction in an amount as follows:103 (i) In the case of a married couple filing a joint return, $24,000.00 $100,000.00; or104 (ii) In the case of a single taxpayer, head of household, or married taxpayer filing a105 separate return, $12,000.00 $50,000.00;"106 PART III107 SECTION 3-1.108 Chapter 7 of Title 48 of the Official Code of Georgia Annotated , relating to general109 provisions relative to revenue and taxation, is amended by adding a new Code section to read110 as follows:111 "48-7-7.112 Notwithstanding any other provision of this chapter, for each taxable year beginning on or113 after January 1, 2032, no credit shall be allowed against the Georgia taxable net income of114 any:115 S. B. 476 - 5 - 26 LC 59 0312 (1) Corporation, as provided under Code Section 48-7-20;116 (2) Fiduciary, as provided under Code Section 48-7-22;117 (3) Partnership, as provided under Code Section 48-7-23; or118 (4) Individual, as provided under Code Section 48-7-27."119 SECTION 3-2.120 Chapter 7A of Title 48 of the Official Code of Georgia Annotate d, relating to low-income121 tax credit, is amended by revising Code Section 48-7A-1, which is reserved, as follows:122 "48-7A-1.123 Reserved This chapter shall stand repealed on December 31, 2031."124 PART IV125 SECTION 4-1.126 Chapter 1 of Title 33 of the Official Code of Georgia Annotated , relating to general127 provisions relative to insurance, is amended by revising Code S ection 33-1-18, relating to128 housing tax credit for qualified projects and rules and regulations, as follows:129 "33-1-18.130 (a) As used in this Code section, the term:131 (1) 'Affordable housing project' means a qualified low-income housing project as that132 term is defined in Section 42 of the Internal Revenue Code of 1986, as amended, that is133 located in Georgia.134 (2) 'Federal housing tax credit' means the federal tax credit as provided in Section 42 of135 the Internal Revenue Code of 1986, as amended.136 (2)(3) 'Median income' means those incomes that are determined by th e federal137 Department of Housing and Urban Development guidelines and adjusted for family size.138 S. B. 476 - 6 - 26 LC 59 0312 (3)(4) 'Project' means a housing project that has restricted rents t hat do not exceed 30139 percent of median income for at least 40 percent of its units o ccupied by persons or140 families having incomes of 60 percent or less of the median income or at least 20 percent141 of the units occupied by persons or families having incomes of 50 percent or less of the142 median income.143 (4)(5) 'Qualified basis' means that portion of the tax basis of a qu alified Georgia an144 affordable housing project eligible for the federal housing tax credit, as that t erm is145 defined in Section 42 of the Internal Revenue Code of 1986, as amended.146 (5) 'Qualified Georgia project' means a qualified low-income b uilding as that term is147 defined in Section 42 of the Internal Revenue Code of 1986, as amended, that is located148 in Georgia.149 (b)(1) A tax credit against the taxes imposed under Code Secti ons 33-5-31, 33-8-4,150 and 33-40-5, to be termed the Georgia affordable housing tax credit, shall be allowed151 with respect to each qualified Georgia affordable housing project placed in service after152 January 1, 2001. The amount of For initial applications received by the Department of153 Community Affairs prior to January 1, 2027, the amount of such credit shall not exceed154 an amount equal to the federal housing tax credit allowed for e ach affordable housing155 project. For initial applications received by the Department of Community Affairs on or156 after January 1, 2027, no such credit shall, when combined with the total amount of credit157 authorized under Code Section 48-7-29.6, in no event exceed an amount equal to 50158 percent of the federal housing tax credit allowed with respect to such qualified Georgia159 affordable housing project.160 (2)(A) If under Section 42 of the Internal Revenue Code of 198 6, as amended, a161 portion of any federal housing tax credit taken on a project is required to be recaptured162 as a result of a reduction in the qualified basis of such proje ct, the taxpayer claiming163 any state tax credit with respect to such project shall also be required to recapture a164 portion of any state tax credit authorized by this Code section . The state recapture165 S. B. 476 - 7 - 26 LC 59 0312 amount shall be equal to the proportion of the state tax credit claimed by the taxpayer166 that equals the proportion the federal recapture amount bears t o the original federal167 housing tax credit amount subject to recapture. The tax credit under this Code section168 shall not be subject to recapture if such recapture is due solely to the sale or transfer of169 any direct or indirect interest in such qualified Georgia affordable housing project.170 (B) In the event that recapture of any Georgia affordable housing tax credit is required,171 any amended return submitted to the Commissioner as provided in this Code section172 shall include the proportion of the state tax credit required to be recaptured, the identity173 of each taxpayer subject to the recapture, and the amount of ta x credit previously174 allocated to such taxpayer.175 (3) In no event shall the total amount of the tax credit under this Code section for a176 taxable year exceed the taxpayer's tax liability under Code Sec tions 33-5-31, 33-8-4,177 and 33-40-5. Any unused tax credit shall be allowed to be carried forward to apply to the178 taxpayer's next three succeeding years' tax liability. No such tax credit shall be allowed179 the taxpayer against prior years' tax liability.180 (4) The tax credit allowed under this Code section, and any recaptured tax credit, shall181 be allocated among some or all of the partners, members, or sha reholders of the entity182 owning the project in any manner agreed to by such persons, whether or not such persons183 are allocated or allowed any portion of the federal housing tax credit with respect to the184 project.185 (c)(1) Except for confidential taxpayer information pursuant to Title 48, all affordable186 housing project records associated with this Code section shall be subject to Article 4 of187 Chapter 18 of Title 50, relating to open records.188 (2) The commissioner and the state department designated by the Governor as the state189 housing credit agency for purposes of Section 42(h) of the Inte rnal Revenue Code of190 1986, as amended, shall each be authorized to promulgate any ru les and regulations191 necessary to implement and administer this Code section."192 S. B. 476 - 8 - 26 LC 59 0312 SECTION 4-2.193 Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes,194 is amended by revising Code Section 48-7-29.6, relating to tax credits for qualified195 low-income buildings, as follows:196 "48-7-29.6.197 (a) As used in this Code section, the term:198 (1) 'Affordable housing project' means a qualified low-income housing project as that199 term is defined in Section 42 of the Internal Revenue Code of 1986, as amended, that is200 located in Georgia.201 (2) 'Federal housing tax credit' means the federal tax credit as provided in Section 42 of202 the Internal Revenue Code of 1986, as amended.203 (2)(3) 'Median income' means those incomes that are determined by th e federal204 Department of Housing and Urban Development guidelines and adjusted for family size.205 (3)(4) 'Project' means a housing project that has restricted rents t hat do not exceed 30206 percent of median income for at least 40 percent of its units o ccupied by persons or207 families having incomes of 60 percent or less of the median income, or at least 20 percent208 of the units occupied by persons or families having incomes of 50 percent or less of the209 median income.210 (4)(5) 'Qualified basis' means that portion of the tax basis of a qu alified Georgia an211 affordable housing project eligible for the federal housing tax credit, as that t erm is212 defined in Section 42 of the Internal Revenue Code of 1986, as amended.213 (5) 'Qualified Georgia project' means a qualified low-income b uilding as that term is214 defined in Section 42 of the Internal Revenue Code of 1986, as amended, that is located215 in Georgia.216 (b)(1) A state tax credit against the tax imposed by this article, to be termed the Georgia217 affordable housing tax credit, shall be allowed with respect to each qual ified Georgia218 affordable housing project placed in service after January 1, 2001. The amount o f For219 S. B. 476 - 9 - 26 LC 59 0312 initial applications received by the Department of Community Af fairs prior to220 January 1, 2027, the amount of such credit shall not exceed an amount equal to the221 federal housing tax credit allowed for each affordable housing project. For initial222 applications received by the Department of Community Affairs on or after January 1,223 2027, no such credit shall, when combined with the total amount of cred its authorized224 under Code Section 33-1-18, in no event exceed an amount equal to 50 percent of the225 federal housing tax credit allowed with respect to such qualifi ed Georgia affordable226 housing project.227 (2)(A) If under Section 42 of the Internal Revenue Code of 198 6, as amended, a228 portion of any federal housing tax credit taken on a project is required to be recaptured229 as a result of a reduction in the qualified basis of such proje ct, the taxpayer claiming230 any state tax credit with respect to such project shall also be required to recapture a231 portion of any state tax credit authorized by this Code section . The state recapture232 amount shall be equal to the proportion of the state tax credit claimed by the taxpayer233 that equals the proportion the federal recapture amount bears t o the original federal234 housing tax credit amount subject to recapture. The tax credit under this Code section235 shall not be subject to recapture if such recapture is due solely to the sale or transfer of236 any direct or indirect interest in such qualified Georgia affordable housing project.237 (B) In the event that recapture of any Georgia affordable housing tax credit is required,238 any amended return submitted to the commissioner as provided in this Code section239 shall include the proportion of the state tax credit required to be recaptured, the identity240 of each taxpayer subject to the recapture, and the amount of ta x credit previously241 allocated to such taxpayer.242 (3) In no event shall the total amount of the tax credit under this Code section for a243 taxable year exceed the taxpayer's income tax liability. Any u nused tax credit shall be244 allowed to be carried forward to apply to the taxpayer's next three succeeding years' tax245 liability. No such tax credit shall be allowed the taxpayer against prior years' tax liability.246 S. B. 476 - 10 - 26 LC 59 0312 (4) The tax credit allowed under this Code section, and any recaptured tax credit, shall247 be allocated among some or all of the partners, members, or sha reholders of the entity248 owning the project in any manner agreed to by such persons, whether or not such persons249 are allocated or allowed any portion of the federal housing tax credit with respect to the250 project.251 (c)(1) Except for confidential taxpayer information pursuant to this title, all affordable252 housing project records associated with this Code section shall be subject to Article 4 of253 Chapter 18 of Title 50, relating to open records.254 (2) The commissioner and the state department designated by the Governor as the state255 housing credit agency for purposes of Section 42(h) of the Inte rnal Revenue Code of256 1986, as amended, shall each be authorized to promulgate any ru les and regulations257 necessary to implement and administer this Code section."258 PART V259 SECTION 5-1.260 Chapter 1 of Title 33 of the Official Code of Georgia Annotated , relating to general261 provisions relative to insurance, is amended in Code Section 33 -1-25, the "Georgia262 Agribusiness and Rural Jobs Act," by adding a new subsection to read as follows:263 "(l) This Code section shall stand repealed on December 31, 2031."264 SECTION 5-2.265 Chapter 8 of Title 33 of the Official Code of Georgia Annotated, relating to fees and taxes266 relative to insurance, is amended by repealing Code Section 33- 8-4.1, relating to state267 insurance premiums tax credits for insurance companies located in certain counties268 designated as less developed areas and authority of commissioner of community affairs and269 Commissioner.270 S. B. 476 - 11 - 26 LC 59 0312 SECTION 5-3.271 Said chapter is further amended by repealing Code Section 33-8-4.2, relating to assignment,272 carryover, and liability regarding tax credits.273 SECTION 5-4.274 Said chapter is further amended by repealing and reserving Code Section 33-8-5, relating to275 abatement or reduction of tax on insurance premiums.276 SECTION 5-5.277 Said chapter is further amended by repealing subsections (e) and (f) of Code Section 33-8-8,278 relating to preemption of taxation of insurance companies by state, exceptions, and collection279 of license fees by municipal corporations.280 SECTION 5-6.281 Said chapter is further amended by revising paragraph (1) of su bsection (b) of Code282 Section 33-8-8.1, relating to county and municipal corporation taxes on life insurance283 companies, as follows:284 "(1) There is imposed a county tax for county purposes on each life insurance company285 doing business within the state, which tax shall be based solel y upon gross direct286 premiums, as defined in Code Section 33-8-4, which are received during the preceding287 calendar year from policies insuring persons residing within the unincorporated area of288 the counties pursuant to the provisions of this Code section. The rate of such tax shall be289 1 percent of such premiums, except that such tax shall not appl y to the gross direct290 premiums of an insurance company which qualifies, pursuant to Code Section 33-8-5, for291 the reduction to one-half of 1 percent of the state tax imposed by Code Section 33-8-4.292 The tax imposed by this Code section shall not apply to annuity considerations; and"293 S. B. 476 - 12 - 26 LC 59 0312 SECTION 5-7.294 Chapter 38 of Title 33 of the Official Code of Georgia Annotate d, relating to the Georgia295 Life and Health Insurance Guaranty Association, is amended by r epealing Code Section296 33-38-22, relating to premium tax liability offsets and refunds offset against taxes.297 SECTION 5-8.298 Chapter 6 of Title 48 of the Official Code of Georgia Annotated , relating to taxation of299 intangibles, is amended by repealing and reserving subsection (e) of Code Section 48-6-93,300 relating to local business license tax on depository financial institutions, tax rate based on301 Georgia gross receipts, return required, and credits.302 SECTION 5-9.303 Said chapter is further amended by repealing subsection (e) of Code Section 48-6-95, relating304 to special state occupation tax on depository financial institutions, tax rate based on Georgia305 gross receipts, return required, annual reports, and credits.306 SECTION 5-10.307 Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes,308 is amended by repealing and reserving Code Section 48-7-29.7, r elating to tax credits for309 depository financial institutions.310 SECTION 5-11.311 Said chapter is further amended by repealing and reserving Code Section 48-7-29.11, relating312 to tax credits for eligible teleworking expenses.313 S. B. 476 - 13 - 26 LC 59 0312 SECTION 5-12.314 Said chapter is further amended by repealing Code Section 48-7-40.1A, relating to tax credits315 for personal protective equipment manufacturers.316 SECTION 5-13.317 Said chapter is further amended by repealing Code Section 48-7-40.1B, relating to tax credits318 for manufacturers of medical equipment and supplies, pharmaceuticals, and medicine.319 SECTION 5-14.320 Said chapter is further amended by repealing and reserving Code Section 48-7-40.9, relating321 to optional tax credits for exis ting manufacturing and telecomm unications facilities or322 manufacturing and telecommunications support facilities in tier 3 or 4 counties.323 SECTION 5-15.324 Said chapter is further amended by repealing and reserving Code Section 48-7-40.15, relating325 to tax credits for base year port traffic increases.326 SECTION 5-16.327 Said chapter is further amended by repealing Code Section 48-7- 40.15A, relating to tax328 credit for employer with base year port traffic increases.329 SECTION 5-17.330 Said chapter is further amended by repealing and reserving Code Section 48-7-40.16, relating331 to tax credits for alternative fuel, low-emission, and zero-emi ssion vehicles and electric332 vehicle chargers.333 S. B. 476 - 14 - 26 LC 59 0312 SECTION 5-18.334 Said chapter is further amended by repealing and reserving Code Section 48-7-40.18, relating335 to tax credits for businesses headquartered in state and full-time jobs.336 SECTION 5-19.337 Said chapter is further amended by repealing and reserving Code Section 48-7-40.20, relating338 to tax credits for businesses engaged in manufacturing cigarettes for exportation.339 SECTION 5-20.340 Said chapter is further amended by repealing and reserving Code Section 48-7-40.22, relating341 to tax credits for business enterprises that purchase or lease a motor vehicle to provide342 transportation for employees.343 SECTION 5-21.344 Said chapter is further amended by revising paragraph (1) of subsection (a) of Code Section345 48-7-40.27, relating to tax credits for qualified investments in a research fund, as follows:346 "(1) 'Credit' means a state income tax credit against the tax i mposed pursuant to this347 article in an amount equal to 25 12.5 percent of the taxpayer's qualified investment."348 SECTION 5-22.349 Chapter 8 of Title 48 of the Official Code of Georgia Annotated , relating to general350 provisions relative to state sales and use taxes, is amended by repealing and reserving351 paragraphs (24), (32), (44), (48), (61), (69), and (70), repeal ing paragraph (33.1), and352 repealing and reenacting paragraphs (36), (68), and (68.1) of Code Section 48-8-3, relating353 to exemptions relative to state sales and use taxes, to read as follows:354 "(36) After the effective date of this Act, no new certificates of exemption from sales and355 use tax for the sale of machinery and equipment or repair, repl acement, or component356 S. B. 476 - 15 - 26 LC 59 0312 parts for such machinery and equipment which is used for the pr imary purpose of357 reducing or eliminating air or water pollution shall be issued pursuant to the former358 provisions of this paragraph as they existed prior to the effec tive date of this Act;359 provided, however, that any certificate of exemption issued prior to the effective date of360 this Act shall continue to be governed by the provisions of thi s paragraph as it existed361 immediately prior to the effective date of this Act;"362 "(68) After the effective date of this Act, no new certificates of exemption from sales and363 use tax to a high-technology company shall be issued pursuant to the former provisions364 of this paragraph as they existed prior to the effective date of this Act; provided, however,365 that any certificate of exemption issued prior to the effective date of this Act shall366 continue to be governed by the provisions of this paragraph as it existed immediately367 prior to the effective date of this Act;368 (68.1) After the effective date of this Act, no new certificates of exemption from sales369 and use tax to a high-technology data center or a high-technology data center customer370 shall be issued pursuant to the former provisions of this paragraph as they existed prior371 to the effective date of this Act; provided, however, that any certificate of exemption372 issued prior to the effective date of this Act shall continue t o be governed by the373 provisions of this paragraph as it existed immediately prior to the effective date of this374 Act;"375 SECTION 5-23.376 Said chapter is further amended by repealing and reserving Code Section 48-8-3.4, relating377 to maximum amount of sales and use tax imposed and collected on the maintenance,378 refitting, and repair of any single boat.379 S. B. 476 - 16 - 26 LC 59 0312 PART VI380 SECTION 6-1.381 (a) Except as otherwise provided in subsection (b) of this sec tion, this Act shall become382 effective on January 1, 2027, and shall be applicable to taxable years beginning on or after383 January 1, 2027.384 (b) Except for Section 2-4, which shall be effective and appli cable as provided in385 subsection (a) of this section, Part II of this Act shall become effective on July 1, 2026, and386 shall be applicable to all taxable years beginning on or after January 1, 2026.387 SECTION 6-2.388 All laws and parts of laws in conflict with this Act are repealed.389 S. B. 476 - 17 -