Georgia’s governor introduced legislation that would update the income tax federal Internal Revenue Code (IRC) conformity date to January 1, 2018, with certain exceptions. The current IRC conformity date is January 1, 2017. The governor states the legislation mirrors recently adopted federal tax legislation by adopting a 10 year time frame. Further, taxpayers could use the increased federal standard deduction while using either the standard or itemized deduction at the state level. The state individual exemption amounts would increase by 25%.
The bill would apply to tax years beginning January 1, 2018.
Press Release, Georgia Gov. Nathan Deal, February 13, 2018 H.B. 918, as introduced in the Georgia House, February 12, 2018
We are committed to keeping you up to date on the latest tax changes. If you have any questions, please contact:
Nathan A. Worthey, CPA at 770-671-1533, nworthey@largeandgilbert.com
