Finance committee approves annual IRC-conformity tax bill
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Summary
The committee passed House Bill 1199, the routine IRC conformity bill that updates Georgia’s tax code to reflect selected federal changes; sponsor presented a fiscal worksheet showing a potential $1.4 billion first-year impact if Georgia conformed to all changes.
A committee presenter summarized House Bill 1199, the annual IRC conformity measure used to adopt, modify or decline certain federal tax code provisions into Georgia law.
The presenter described the measure as a routine housekeeping bill that the state reviews each year rather than adopting automatic conformity. He walked the committee through a spreadsheet prepared with the Fiscal Research Center showing sections the state is adopting or not adopting and the potential fiscal implications.
The chair noted that full conformity to every federal change shown on the spreadsheet would amount to about $1.4 billion in the first year and about another $1 billion in the second year, and committee members said they understood that the bill is meant to be revenue-neutral overall in the package the Senate considers.
Senator Albers moved the substitute do pass; the committee approved the measure without recorded opposition and the chair said he would cover it on the Senate side.
The bill is a routine update to Georgia’s tax code (Title 48) and is intended to clarify which federal changes the state is adopting for individual and business tax rules this year.
