Georgia HB1159: Income tax; all income received by individuals, corporations, and partnerships under the Farmer Bridge Assistance Program; exempt from taxation

What the bill says

To amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the imposition, rate, computation, exemptions, and credits relative to income taxes, so as to exempt from taxation all income received by individuals, corporations, and partnerships under the Farmer Bridge Assistance Program of the United States Department of Agriculture; to provide for related matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.

From the introduced text:

A BILL TO BE ENTITLED To amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the imposition, rate, computation, exemptions, and credits relative to income taxes, so as to exempt from taxation all income received by individuals, corporations, and partnerships under the Farmer Bridge Assistance Program of the United States Department of Agriculture; to provide for related matters; to provide for 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 the imposition, rate, computation, exemptions, and credits relative to income taxes, is amended in subsection (b) of Code Section 48-7-21, relating to taxation of corporations, by adding a new division to subparagraph (C) of paragraph (7) and by adding a new paragraph to read as follows: "(viii) For taxable years beginning on or after January 1, 2025, there shall be subtracted from the taxable income of an electing Subchapter 'S' corporation any income received on or before March 31, 2026, as payments under the Farmer Bridge H. B. 1159 LC 59 0282-EC Assistance Program of the United States Department of Agriculture, to the extent that such income is included in federal …