2016: HB 742 – IRS Update Bill
Session 2015-16Sponsored by Rep. David Knight (R-Griffin), House Bill 742 aligns the Georgia Revenue Code with annual federal adjustments to the Internal Revenue Code. This legislation ensures the continued stability and compliance of the Georgia Revenue Code that is vital to the operation of businesses of all sizes. Of particular note, HB 742 increases the Section 179 deduction limit to $500,000 in state revenue code, which mirrors recent federal action and will provide valuable relief for small businesses as they expand in Georgia.
| Description | Sponsors | Bill Status | Chamber Position |
|---|---|---|---|
Sponsored by Rep. David Knight (R-Griffin), House Bill 742 aligns the Georgia Revenue Code with annual federal adjustments to the Internal Revenue Code. This legislation ensures the continued stability and compliance of the Georgia Revenue Code that is vital to the operation of businesses of all sizes. Of particular note, HB 742 increases the Section 179 deduction limit to $500,000 in state revenue code, which mirrors recent federal action and will provide valuable relief for small businesses as they expand in Georgia. |
Effective Date 02/23/2016 |
