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SB 476 - Increases the Amount of Authorized Deductions From Taxable Net Income - Georgia Key Vote

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Title: Increases the Amount of Authorized Deductions From Taxable Net Income

Vote Smart's Synopsis:

Vote to pass a bill that increases the amount of authorized deductions and decreases the rate of income tax in Georgia.

Highlights:

  • Requires national and international corporations to pay a tax rate of 4.99 percent (Sec. 2-1).

  • Increases standard tax deduction amounts from $24,000 to $100,000 for married couples filing jointly, and from $12,000 to $50,000 for single filers (Sec. 2-4).

  • Repeals previous exemptions from sales and use taxes for machinery and equipment exclusively designed to reduce water and air pollution (Sec. 5-22).

  • Repeals previous exemptions from sales and use taxes for data centers (Sec. 5-22).

  • Specifies that this Act applies to taxable years beginning January 1, 2026 (Sec. 5-23).

Full Bill Text

Title: Increases the Amount of Authorized Deductions From Taxable Net Income

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