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Bill > HB1103
GA HB1103
GA HB1103Income tax; exempt all retirement income received as retirement benefits in the armed forces of the United States or the reserve components
summary
Introduced
01/31/2024
01/31/2024
In Committee
Crossed Over
Passed
Dead
03/28/2024
03/28/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
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.
AI Summary
This bill seeks to amend Georgia's income tax laws to exempt all retirement income received as benefits from service in the armed forces of the United States or the reserve components thereof. The bill removes the current $17,500 cap on the exclusion of such retirement income from taxation and makes the exemption applicable to all individuals receiving such benefits, regardless of age or other income levels. The bill will become effective for taxable years beginning on or after January 1, 2025, and it repeals any conflicting laws.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
House Second Readers (on 02/06/2024)
Bill Topics
Defense
- ‐ Veterans Affairs
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.legis.ga.gov/legislation/66566 | 02/01/2024 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/222575 | 02/01/2024 |
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