Georgia CommonsHB 616: Income tax; depreciation for single-family residential rental property; revise a deduction
Versión Introduced, la más reciente que tiene LegiScan · Última acción: 27 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 616
By: Representatives Romman of the 97th, Frye of the 122nd, Holly of the 116th, and Berry of the 56th
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 revise a deduction related to depreciation for single-family residential rental property; 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 by revising paragraph (14) of subsection (b) of Code Section 48-7-21, relating to taxation of corporations, as follows:
"(14)(A) There shall be subtracted from taxable income the deduction provided and allowed by Section 179 of the Internal Revenue Code of 1986 as enacted on or before January 1, 2005, to the extent the deduction has not been included in the corporation's taxable income, as defined under the Internal Revenue Code of 1986; provided, however, that for taxable years beginning on or after January 1, 2026, the provisions of this subparagraph shall not be applicable for single-family residential rental property.
(B) For taxable years beginning on or after January 1, 2026, to the extent any amount was taken by a corporation as a deduction allowed by Section 179 of the Internal Revenue Code in connection with any single-family residential rental property, such amount shall be added to the taxable income of the corporation."
SECTION 2.
Said chapter is further amended by revising paragraph (15) of subsection (a) of Code Section 48-7-27, relating to computation of taxable income, as follows: "(15)(A) The deduction provided and allowed by Section 179 of the Internal Revenue Code of 1986 as enacted on or before January 1, 2005, to the extent the deduction has not been included in federal adjusted gross income, as defined under the Internal Revenue Code of 1986, and the expenses have not been included in itemized nonbusiness deductions; provided, however, that for taxable years beginning on or after January 1, 2026, the provisions of this subparagraph shall not be applicable for single-family residential rental property.
(B) For taxable years beginning on or after January 1, 2026, to the extent any amount was taken by a corporation as a deduction allowed by Section 179 of the Internal Revenue Code in connection with any single-family residential rental property, such amount shall be added to the taxable income of the corporation."
SECTION 3.
This Act shall become effective on January 1, 2026, and shall be applicable to all taxable years beginning on or after such date.
SECTION 4.
All laws and parts of laws in conflict with this Act are repealed.