Bill Text: GA HB19 | 2011-2012 | Regular Session | Introduced
Bill Title: Income tax; federal reserve banks in Georgia not exempt; provide
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-01-24 - House Second Readers [HB19 Detail]
Download: Georgia-2011-HB19-Introduced.html
11 LC 18
9312T
House
Bill 19
By:
Representative Franklin of the
43rd
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia
Annotated, relating to imposition, rate, computation, and exemptions regarding
income taxes, so as to provide that federal reserve banks and branches located
in Georgia shall not be exempt from state income tax; to provide for legislative
findings; to provide an effective date; to repeal conflicting laws; and for
other purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Article
2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating
to imposition, rate, computation, and exemptions regarding income taxes, is
amended by adding a new Code section to read as follows:
"48-7-21.2.
(a)
As used in this Code section, the term 'federal reserve bank' means any federal
reserve bank or branch chartered under Chapter 3 of Title 12 of the U.S.C.A. and
located in this state.
(b)
The General Assembly finds that the Constitution of the United States does not
authorize Congress to prevent states from imposing income taxes on privately
owned corporations. Consequently, the General Assembly finds that 12 U.S.C.
Section 531 which exempts federal reserve banks from state income tax is null
and void and finds further that federal reserve banks are subject to state
income tax.
(c)
Federal reserve banks, including capital stock and surplus therein and the
income derived therefrom shall not be exempt from and shall be subject to
taxation under this
chapter."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.