Form It 511 - Individual Income Tax 500 And 500ez Forms And General Instructions - 2015 Page 9
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34FEDERAL TAX CHANGES
• Modified rules for high yield original issue discount obligations,
The Governor signed House Bill 292 into law. Consequently,
for taxable years beginning on or after January 1, 2015, with
I.R.C. Sections 163(e)(5)(F) and 163(i)(1).
• New York Liberty Zone Benefits, I.R.C. Section 1400L.
exceptions as discussed below, Georgia has adopted the
• 50% first year depreciation for post 8/28/2006 Gulf Opportunity
provisions of all federal acts (as they relate to the computation
of federal adjusted gross income (AGI) for individuals or federal
Zone property, I.R.C. Section 1400N(d)(1).
• 50% bonus depreciation for most tangible property and com-
taxable income for non-individuals) that were enacted on or
before January 1, 2015. For 2015, for Georgia purposes,
the
puter software bought after May 4, 2007 and placed in service
I.R.C. Section 179 deduction is currently limited to $25,000
in the Kansas Disaster Area, I.R.C. Section 1400N(d)(1).
• 50% bonus depreciation for “qualified reuse and recycling
and the related phase out is $200,000. Georgia has not adopted
the Section 179 deduction for certain real property.
property”, I.R.C. Section 168(m).
• 50% bonus depreciation in connection with disasters federally
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 property,”
Georgia has not adopted I.R.C. Section 168(k) (the 30%, 50%
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.
ments to retail space, I.R.C. Sections 168(e)(3)(E)(ix), 168(e)
Section 168(k)(2)(D)(i) (exceptions to the definition of qualified
(8), and 168(b)(3)(I).
property), and I.R.C. Section 168(k)(2)(E) (special rules for
• Modified rules relating to the 15 year straight-line cost recovery
qualified property) and Georgia has not adopted I.R.C. Section
for qualified restaurant property (allowing buildings to now be
199 (federal deduction for income attributable to domestic
included), I.R.C. Section 168(e)(7).
production 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).
• 5 year carryback of NOLs incurred in the Kansas disaster area
of a new vehicle in 2009, I.R.C. Sections 164(a)(6) and 164(b)(6).
after May 3, 2007, I.R.C. Section 1400N(k).
Please note: Georgia also does not allow the increased standard
• 5 year carryback of certain disaster losses, I.R.C. Sections
deduction for sales tax on the purchase of a new vehicle in 2009
172(b)(1)(J) and 172(j).
because Georgia has its own standard deduction.
• The election to deduct public utility property losses attributable
• The election to increase the normal two year net operating
to May 4, 2007 Kansas storms and tornadoes in the fifth tax year
loss carryback to 3, 4, or 5 years for tax years 2008 and 2009,
before the year of the loss, I.R.C. Section 1400N(o).
I.R.C. 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
use ordinary gain or loss treatment for the sale or exchange of
prior election to forego the net operating loss carryback period.
• Deferral of debt discharge income from reacquisitions of busi-
certain preferred stock after Dec. 31, 2007, I.R.C. Section 1221.
• Temporary tax relief provisions relating to the Midwestern
ness debt at a discount in 2009 and 2010; federally deferred
for up to five years, then included ratably over five years, I.R.C.
disaster area, I.R.C. Sections 1400N(f) and 1400N(k).
Section 108(i).
Page 7
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