On February 23, 2016, Governor Nathan Deal signed House Bill 742 (the annual Internal Revenue Code update) into law. As a result, for taxable years beginning on or after January 1, 2015*, the State of Georgia has adopted the provisions of all federal acts (as they relate to the computation of Federal Adjusted Gross Income or Federal taxable income for non-individuals) that were enacted on or before January 1, 2016.
This includes the IRC Section 179 deduction with a limit of $500,000 and related phase-out of $2 million. Georgia has not adopted Section 179 deduction for certain real property.
*For full details and exceptions, visit the Georgia Department of Revenue page here.
If you have questions, fill out the contact form below or call Mark Abrams or anyone in the Smith & Howard Tax Group at 404-874-6244.