Tax Law Updates | New Statutes, Regulations, and Rulings

June 28, 2010

State of Georgia: New Law Provides Senior Income Tax Cut, and Eliminates State Portion of Property Tax

To Amend Provisions of the Official Code of Georgia Annotated Relating to Fees
HB 1055, 5/10/2010

State of Georgia: New Law Provides Senior Income Tax Cut, and Eliminates State Portion of Property Tax

House Bill 1055, a bill filed in the State of Georgia General Assembly seeking to eliminate taxes on retirement income for senior citizens and the state portion of homeowner’s property taxes, is now a law after Georgia Governor Sonny Perdue signed it on May 10, 2010.

The legislation also adjusts fees to help cover the actual costs of the services for which they are levied and includes a 1.45 percent hospital provider payment that will allow the state to draw down additional federal dollars and increase Medicaid reimbursements to hospitals and other providers.

HB 1055 also eliminates the state portion of homeowners’ property taxes, an idea unveiled by Governor Perdue during his 2008 State of the State address. The two tax cuts will provide almost $400 million in tax relief when fully implemented. The tax reductions will be phased in over five years beginning in 2012.

The bill is effective immediately.  The tax cut is expected to benefit more than 300,000 Georgians.

View a PDF of the article

Also See:

First Deadline Approaches for Participation in the Program for Non-Prosecution Agreements or Non-Target Letters for Swiss Banks

Administration Issues Final Mental Health and Substance Use Disorder Parity Rule

Revenue Ruling Recognizes Legal Same-Sex Marriages for Federal Tax Purposes

IRS Expands Voluntary Worker Classification Settlement Program

IRS to Accept Returns Claiming Education Credits by Mid-February

The most advanced document                
         management system in the world.

Only $59 / person / month
FeaturesLawLoop Demo
FeaturesWelcome to the Future
Play LawLoop Demo

Companies Mentioned

Tax Law

The following companies are mentioned in Tax Law Updates:

Internal Revenue Service

Swallows Holding, Inc.

The State of New York

New York State Department of Taxation and Finance LLC

Amazon Services, LLC

Textron Inc.

County of Los Angeles


Quality Stores, Inc.

Agere Systems, Inc. f.k.a. Lucent Technologies, Inc.

Detroit Medical Center

Department of Justice

Santini Stone LLC

City of Chicago

StubHub, Inc.

Mayer Brown LLP d.b.a. Mayer, Brown, Rowe & Maw LLP

Additional Resources

Tax Law

Further Reading in Tax Law

Other Recent Summaries

Recent Expert Legal Commentaries