Form It 511 - Individual Income Tax 500 And 500ez Forms And General Instructions - 2013 Page 9
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32FEDERAL TAX CHANGES
The Governor signed House Bill 266 into law. Consequently, for
• Modified rules for high yield original issue discount obliga-
taxable years beginning on or after January 1, 2013, with
tions, I.R.C. Sections 163(e)(5)(F) and 163(i)(1).
exceptions as discussed below, Georgia has adopted the
• New York Liberty Zone Benefits, I.R.C. Section 1400L.
provisions of all federal acts (as they relate to the computation of
• 50% first year depreciation for post 8/28/2006 Gulf Opportunity
federal adjusted gross income (AGI) for individuals or federal
Zone property, I.R.C. Section 1400N(d)(1).
taxable income for non-individuals) that were enacted on or
• 50% bonus depreciation for most tangible property and com-
before January 3, 2013.
For 2013,
the I.R.C. Section 179
puter software bought after May 4, 2007 and placed in service in
deduction is $250,000 and the related phase out is $800,000.
the Kansas Disaster Area, I.R.C. Section 1400N(d)(1).
Georgia has not adopted the Section 179 deduction for certain
• 50% bonus depreciation for “qualified reuse and recycling
real property.
property”, I.R.C. Section 168(m).
• 50% bonus depreciation in connection with disasters feder-
ally declared after 2007, I.R.C. Section 168(n).
Exceptions
• Increased ($8,000) first-year depreciation limit for passenger
automobiles if the passenger automobile is “qualified prop-
Georgia has not adopted I.R.C. Section 168(k) (the 30%, 50%
erty,” I.R.C. Section 168(k).
and 100% bonus depreciation rules) except for I.R.C. Section
• 15 year straight-line cost recovery period for certain improve-
168(k)(2)(A)(i) (the definition of qualified property), I.R.C. Section
ments to retail space, I.R.C. Sections 168(e)(3)(E)(ix), 168(e)(8),
168(k)(2)(D)(i) (exceptions to the definition of qualified property),
and 168(b)(3)(I).
and I.R.C. Section 168(k)(2)(E) (special rules for qualified
• Modified rules relating to the 15 year straight-line cost recovery
property) and Georgia has not adopted I.R.C. Section 199 (federal
for qualified restaurant property (allowing buildings to now be
deduction for income attributable to domestic production
included), I.R.C. Section 168(e)(7).
activities).
• 5 year depreciation life for most new farming machinery and
Georgia has also Not adopted the following:
equipment, I.R.C. Section 168(e)(3)(B)(vii).
•
Special rules relating to Gulf Opportunity Zone public utility
• The exclusion of $2,400 of unemployment income for 2009,
casualty losses, I.R.C. Section 1400N(j).
I.R.C. Section 85(c).
• 5 year carryback of NOLs attributable to Gulf Opportunity Zone
• Additional itemized deduction for the sales tax on the purchase
losses, I.R.C. Section 1400N(k).
of a new vehicle in 2009, I.R.C. Sections 164(a)(6) and 164(b)(6).
• 5 year carryback of NOLs incurred in the Kansas disaster area
Please note: Georgia also does not allow the increased standard
after May 3, 2007, I.R.C. Section 1400N(k).
deduction for sales tax on the purchase of a new vehicle in 2009
• 5 year carryback of certain disaster losses, I.R.C. Sections
because Georgia has its own standard deduction.
172(b)(1)(J) and 172(j).
• The election to deduct public utility property losses attribut-
• The election to increase the normal two year net operating loss
able to May 4, 2007 Kansas storms and tornadoes in the fifth
carryback to 3, 4, or 5 years for tax years 2008 and 2009, I.R.C.
tax year before the year of the loss, I.R.C. Section 1400N(o).
Sections 172(b)(1)(H) and 810(b)(4).
• Special rules relating to a financial institution being able to
• The transition rule that would allow a taxpayer to revoke a prior
use ordinary gain or loss treatment for the sale or exchange
election to forego the net operating loss carryback period.
• Deferral of debt discharge income from reacquisitions of busi-
of certain preferred stock after Dec. 31, 2007, I.R.C. Section
ness debt at a discount in 2009 and 2010; federally deferred for
1221.
• Temporary tax relief provisions relating to the Midwestern
up to five years, then included ratably over five years, I.R.C. Sec-
tion 108(i).
disaster area, I.R.C. Sections 1400N(f) and 1400N(k).
Page 7
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