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GA HB1161
GA HB1161Income tax; exempt all retirement income received as retirement benefits in the armed forces of the United States or the reserve components
summary
Introduced
02/06/2024
02/06/2024
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 amends the Georgia income tax law 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. The bill removes the current $17,500 cap on the exemption and makes it applicable to all such retirement income, regardless of the individual's age or other income. The bill becomes effective for the 2025 tax year and repeals any conflicting laws.
Committee Categories
Budget and Finance
Sponsors (6)
Bethany Ballard (R)*,
Josh Bonner (R)*,
Chas Cannon (R)*,
Jesse Petrea (R)*,
Teddy Reese (D)*,
Steven Sainz (R)*,
Last Action
House Second Readers (on 02/08/2024)
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/66744 | 02/07/2024 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/223077 | 02/07/2024 |
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