Georgia Adopts Federal Acts, Including Section 179

by: Smith and Howard

February 26, 2016

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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.

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