The Georgia General Assembly has passed legislation that would, if enacted, amend the definition of the Internal Revenue Code (IRC) for corporate and personal income tax purposes to include federal income tax laws enacted on or before January 3, 2013. In addition, for tax years beginning in 2010, 2011, 2012 and 2013, the IRC §179(b) expense deduction would be $250,000 and the expense limitation would be $800,000 for Georgia income tax purposes (rather than $500,000 and $2 million, respectively). The new IRC conformity date would apply for tax years beginning in 2012 and thereafter. Furthermore, if enacted, federal provisions regarding the rollover of amounts received by an employee in an airline carrier bankruptcy to an IRA would be adopted for Georgia tax purposes.
H.B. 266, as passed by the Georgia General Assembly on March 1, 2013
