Georgia State and Local Tax Updates July 2019

Deduction for 529 plans doubles for Georgia residents

July 10, 2019

Applicable to tax years on or after January 1, 2020, Georgia state law doubles the income tax deduction for 529 plan contributions from $2,000 to $4,000 per beneficiary for single filers, and from $4,000 to $8,000 per beneficiary for married couples filing jointly.

Exemption for public-charity-owned property proposed

July 10, 2019

Effective on voter approval, the proposal would exempt all real property owned by public charities if the property is held exclusively for the purpose of building or repairing single-family homes. The home must be financed to individuals using no-interest loans, with a recapture of tax savings for any part of the property that isn’t financed interest free. The bill creates a statewide election ballot item to be submitted on the November 2020 elections asking Georgia voters to approve the tax exemption.

Electronic reporting of fuel distributor reports now required

July 3, 2019

Effective July 1, 2019, Georgia state law requires the electronic filing of a fuel distributor’s monthly report with the Commissioner of Revenue by the 20th of each calendar month. The law provides that, by regulation, the Commissioner may prescribe the manner by which the reports are electronically filed and may allow distributors having a quarterly or annual tax not exceeding amounts set by the Commissioner to file quarterly or annual reports.

Georgia Supreme Court rules that sovereign immunity doesn’t apply in case

July 3, 2019

The Georgia Supreme Court has ruled that sovereign immunity doesn’t apply to a lawsuit brought by the City of College Park against Clayton County. As a result, the lawsuit can go forward involving the dispute of College Park and Clayton County over the proper collection and allocation of alcohol taxes at the Atlanta airport. The airport is owned by the City of Atlanta, but is located primarily within the geographic limits of Clayton County. The court held that sovereign immunity has no application to the current litigation because the City and the County are merely exercising their own respective home rule powers by collecting tax revenues for their own purposes. (Dkt. No. S19A0460)


© 2019

Scroll Up