Georgia House passes Internal Revenue Code update

ATLANTA — The Georgia House of Representatives unanimously passed House Bill 742, an annual Internal Revenue Code (IRC) update and makes changes to Georgia’s tax code to comply with the recently updated federal tax code.

 

“This bill will greatly impact on Georgia’s business community and our tax preparers by giving them more certainty when filing their tax returns,” state Rep. David Knight, R-Griffin. “By passing this bill, Georgia is aligning our tax return due dates with what the federal government currently has in place, and we also made the $500,000 deduction in section 179 permanent. This bill is designed to ease the burden on tax preparers, businesses, and will also serve as a tool to attract new businesses to Georgia.”

HB 742, which passed on Jan, 28, updates Georgia’s tax code by synchronizing tax return filing dates to allow most businesses to file state and federal returns simultaneously. HB 742 would also make permanent the $500,000 deduction in section 179.

The bill also makes the Research Tax Credit permanent. HB 742 passed the House by a vote of 174-0 and will now go to the Senate for consideration.

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