Georgia CommonsHB 409: Income tax; exempt all retirement income received as retirement benefits in the armed forces of the United States or the reserve components
Versión Introduced, la más reciente que tiene LegiScan · Última acción: 18 de febrero de 2025 · Introduced
El texto tal como lo tiene LegiScan, leído del PDF que publica la legislatura, sin los números de línea del margen, los encabezados ni los pies de página. Aquí los saltos de línea se unen en párrafos; no se cambia ninguna palabra. El texto está en inglés.
Las palabras subrayadas son las que el proyecto de ley agrega a la ley vigente y las tachadas son las que elimina, tal como las muestra el proyecto impreso.
House Bill 409
By: Representatives Gilliard of the 162nd, Jackson of the 68th, Moore of the 91st, and Heffner of the 130th
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 exempt from taxation all retirement income received as retirement benefits derived from service in the armed forces of the United States or the reserve components thereof; 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 7 of Title 48 of the Official Code of Georgia Annotated, relating to income taxes, is amended in Code Section 48-7-27, relating to computation of taxable net income, by revising paragraph (5.1) of subsection (a) as follows:
"(5.1)(A) All Up to $17,500.00 of income received by an individual who is less than 62 years of age paid to such paid to an individual as retirement benefits from military service in the armed forces of the United States or the reserve components thereof and an additional amount of up to $17,500.00 of such income, provided that he or she has Georgia earned income otherwise included in his or her Georgia taxable net income in an amount that exceeds $17,500.00.
(B) In the case of a married couple filing jointly, each spouse who is otherwise qualified for an exclusion allowed by this paragraph shall be individually entitled to exclude retirement income received by that spouse up to the exclusion amount. (C) The exclusions exclusion provided for in this paragraph shall not apply to or affect and shall be in addition to those adjustments to net income provided for under any other paragraph of this subsection;"
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 taxable years beginning on or after January 1, 2026.
SECTION 3.
All laws and parts of laws in conflict with this Act are repealed.