Asamblea General de Georgia · Texto completo

HB 1159: Income tax; all income received by individuals, corporations, and partnerships under the Farmer Bridge Assistance Program; exempt from taxation

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House Bill 1159 (AS PASSED HOUSE AND SENATE)

By: Representatives Gambill of the 15th, Seabaugh of the 34th, Wade of the 9th, Blackmon of the 146th, Williamson of the 112th, and others

A BILL TO BE ENTITLED

AN ACT

To amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the imposition, rate, computation, exemptions, and credits relative to income taxes, so as to exempt from taxation all income received by individuals, corporations, and partnerships under the Farmer Bridge Assistance and Specialty Crop Farmers programs of the United States Department of Agriculture; to provide for related matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the imposition, rate, computation, exemptions, and credits relative to income taxes, is amended in subsection (b) of Code Section 48-7-21, relating to taxation of corporations, by adding new divisions to subparagraph (C) of paragraph (7) and by adding new paragraphs to read as follows:

"(viii) For taxable years beginning on or after January 1, 2025, there shall be subtracted from the taxable income of an electing Subchapter 'S' corporation any income received as payments under the Farmer Bridge Assistance Program of the United States Department of Agriculture for which payments 2025 acres were reported to the United States Department of Agriculture on or before December 19, 2025, to the extent that such income is included in federal adjusted gross income or federal taxable income.

(ix) For taxable years beginning on or after January 1, 2025, there shall be subtracted from the taxable income of an electing Subchapter 'S' corporation any income received as payments under the Assistance for Specialty Crop Farmers Program of the United States Department of Agriculture for which payments 2025 acres were reported to the United States Department of Agriculture's Farm Service Agency on or before March 13, 2026, to the extent that such income is included in federal adjusted gross income or federal taxable income."

"(19) For taxable years beginning on or after January 1, 2025, there shall be subtracted from taxable income any income received as payments under the Farmer Bridge Assistance Program of the United States Department of Agriculture for which payments 2025 acres were reported to the United States Department of Agriculture on or before December 19, 2025, to the extent that such income is included in federal adjusted gross income or federal taxable income.

(20) For taxable years beginning on or after January 1, 2025, there shall be subtracted from taxable income any income received as payments under the Assistance for Specialty Crop Farmers Program of the United States Department of Agriculture for which payments 2025 acres were reported to the United States Department of Agriculture's Farm Service Agency on or before March 13, 2026, to the extent that such income is included in federal adjusted gross income or federal taxable income."

SECTION 2.

Said article is further amended in Code Section 48-7-23, relating to taxation of partnerships, by adding new paragraphs to subsection (b) and by adding new subsections to read as follows:

"(7) Notwithstanding paragraph (6) of this subsection, for taxable years beginning on or after January 1, 2025, there shall be subtracted from the taxable income of an electing partnership any income received as payments under the Farmer Bridge Assistance Program of the United States Department of Agriculture for which payments 2025 acres were reported to the United States Department of Agriculture on or before December 19, 2025, to the extent that such income is included in federal adjusted gross income or federal taxable income.

(8) Notwithstanding paragraph (6) of this subsection, for taxable years beginning on or after January 1, 2025, there shall be subtracted from the taxable income of an electing partnership any income received as payments under the Assistance for Specialty Crop Farmers Program of the United States Department of Agriculture for which payments 2025 acres were reported to the United States Department of Agriculture's Farm Service Agency on or before March 13, 2026, to the extent that such income is included in federal adjusted gross income or federal taxable income.

(c) Notwithstanding paragraph (6) of subsection (b) of this Code section, for taxable years beginning on or after January 1, 2025, there shall be subtracted from taxable income any income received as payments under the Farmer Bridge Assistance Program of the United States Department of Agriculture for which payments 2025 acres were reported to the United States Department of Agriculture on or before December 19, 2025, to the extent that such income is included in federal adjusted gross income or federal taxable income.

(d) Notwithstanding paragraph (6) of subsection (b) of this Code section, for taxable years beginning on or after January 1, 2025, there shall be subtracted from taxable income any income received as payments under the Assistance for Specialty Crop Farmers Program of the United States Department of Agriculture for which payments 2025 acres were reported to the United States Department of Agriculture's Farm Service Agency on or before March 13, 2026, to the extent that such income is included in federal adjusted gross income or federal taxable income."

SECTION 3.

Said article is further amended in subsection (a) of Code Section 48-7-27, relating to computation of taxable net income, by adding new paragraphs to read as follows: "(11.5) For taxable years beginning on or after January 1, 2025, any income received as payments under the Farmer Bridge Assistance Program of the United States Department of Agriculture for which payments 2025 acres were reported to the United States Department of Agriculture on or before December 19, 2025, to the extent that such income is included in federal adjusted gross income or federal taxable income;

(11.6) For taxable years beginning on or after January 1, 2025, any income received as payments under the Assistance for Specialty Crop Farmers Program of the United States Department of Agriculture for which payments 2025 acres were reported to the United States Department of Agriculture's Farm Service Agency on or before March 13, 2026, to the extent that such income is included in federal adjusted gross income or federal taxable income."

SECTION 4.

This Act shall become effective upon its approval by the Governor or upon its becoming law without such approval.

SECTION 5.

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