Committee clears statutory fix to allow net casualty-loss deduction on standard returns
HB 165 was passed out of Senate Finance to align Georgia law with federal treatment of net casualty-loss deductions, allowing affected taxpayers to claim the deduction on standard returns for federally declared disasters.
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Representative Franklin presented House Bill 165, an amendment to state tax code language that would extend the state’s net casualty-loss deduction to taxpayers who claim the standard deduction. Franklin said the change is intended to “conform to the federal standard deduction” treatment and simplify filing for taxpayers who suffered casualty losses during federally declared disasters.
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