Bill > HB290

This bill updates Georgia's tax code definition of the "Internal Revenue Code" or "Internal Revenue Code of 1986" by changing the reference dates from January 1, 2023 to January 1, 2024, and from January 1, 2024 to January 1, 2025. The bill incorporates specific federal tax law provisions while excluding certain sections of the Internal Revenue Code, such as Sections 108(i), 163(e)(5)(F), and others. It also makes specific adjustments to how certain federal laws are applied, including treating some provisions of the Infrastructure Investment and Jobs Act, the CARES Act, and the American Rescue Plan Act differently for Georgia tax purposes. The bill sets specific limitations on Section 179 deductions for various tax years and includes provisions for handling certain tax refund claims. Notably, the bill ensures that any new federal tax code provisions enacted as of January 1, 2025, will become effective for Georgia taxation on the same dates they become effective for federal tax purposes. The act will become effective upon the Governor's approval and will apply to all taxable years beginning on or after January 1, 2024.

Budget and Finance

https://www.legis.ga.gov/legislation/69958