Bill Text: GA HB425 | 2009-2010 | Regular Session | Introduced

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Bill Title: Sales and use tax; deduction of bad debts; change provisions

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2009-02-18 - House Second Readers [HB425 Detail]

Download: Georgia-2009-HB425-Introduced.html

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09 LC 18 8019

House Bill 425

By: Representative Mills of the 25th

A BILL TO BE ENTITLED
AN ACT

To amend Code Section 48-8-45 of the Official Code of Georgia Annotated, relating to sales and use tax, reporting of sales, and deductibility of bad debts, so as to change provisions relating to deduction of bad debts by persons reporting on an accrual basis; to authorize refunds as well as deductions; to provide for related matters; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

Code Section 48-8-45 of the Official Code of Georgia Annotated, relating to sales and use tax, reporting of sales, and deductibility of bad debts, is amended by revising subsection (d) as follows:

"(d) An assignee of private label credit card debt purchased directly from a dealer without recourse or a credit card bank which extends such credit to customers under a private label credit card program shall be allowed a deduction or refund for private label credit card bad debts under rules and regulations of the commissioner on the same basis that private label credit card bad debts are allowed as a deduction or refund on state income tax returns. An issuer or assignee of private label credit card debt may claim its deduction or refund for private label credit card bad debts on a return filed by a member of an affiliated group as defined under 26 U.S.C. Section 1504."

SECTION 2.

All laws and parts of laws in conflict with this Act are repealed.