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HB 0329 - Income tax; rate of tax imposed on the taxable net income of individuals; modify

Tracking Level: Passed
Sponsor: Jay Powell
Last Action: 7/1/2019 - Effective Date
House Committee: Ways & Means
Senate Committee: Finance
Assigned To:
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Staff Analysis of the Legislation

SUMMARY: LC 43 0601S LC 43 0701ERS

Relates to rate and computation of income taxes and the exemptions from income taxes. Would modify the rate of tax imposed on net income of individuals, and would adjust the amounts of personal exemptions and standard deductions based in an inflationary index rate. 

Substitution bill includes language of HB 61. This bill refers to state income tax, and would lower the top income tax rate from 6% to 5.65%. This bill would also clarify whether or not sales tax would be appicable to sales by out of state retailers who make a certain amount of sales to Georgia purchasers. 

See also HB 61

EFFECTIVE DATE:

July 1, 2017

July 1, 2018, if passed 

 


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