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Bill > HB1023

GA HB1023

GA HB1023
Income tax; match tax rate imposed on corporations to that imposed on individual taxpayers

summary

Introduced
01/24/2024
In Committee
03/14/2024
Crossed Over
02/29/2024
Passed
04/01/2024
Dead
Signed/Enacted/Adopted
04/18/2024

Introduced Session

2023-2024 Regular Session

Bill Summary

AN ACT To amend Title 48 of the Official Code of Georgia Annotated, relating to revenue and taxation, so as to match the rate of the income tax imposed on corporations to that imposed on individual taxpayers; to extend the time within which a corporation shall not be subject to penalty due to late filing; to provide for legislative construction; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.

AI Summary

This bill aims to match the income tax rate imposed on corporations to the same rate imposed on individual taxpayers in Georgia. It also extends the time period within which a corporation can file its state tax return without penalty, providing an additional month beyond the federal extension period. The bill specifies that it will become effective on July 1, 2024, and apply to all taxable years beginning on or after January 1, 2024.

Committee Categories

Budget and Finance

Sponsors (7)

Last Action

Effective Date 2024-07-01 (on 04/18/2024)

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