10 LC 18
8803
House
Bill 1066
By:
Representatives Fludd of the
66th,
Buckner of the
130th,
Thomas of the
100th,
McKillip of the
115th,
and Benfield of the
85th
A
BILL TO BE ENTITLED
AN ACT
To
amend Code Section 48-7-20 of the Official Code of Georgia Annotated, relating
to individual income tax rates and tax tables, so as to provide for a temporary,
additional income tax surcharge on certain income; to provide an effective date;
to provide for applicability; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 48-7-20 of the Official Code of Georgia Annotated, relating to
individual income tax rates and tax tables, is amended by adding a new
subsection to read as follows:
"(e)
For all taxable years beginning on or after January 1, 2010, and prior to
January 1, 2012, if the Georgia taxable net income of any taxpayer computed in
accordance with this Code section is $400,000.00 or more, then in addition to
the tax otherwise specified under this Code section, an income tax surcharge of
1 percent of the amount over $400,000.00 shall be imposed. Such surcharge
shall be levied, collected, and paid at the same time as the tax otherwise
required under this Code
section."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.