Legislative Update: IRC Update (Conformity Bill) Passes House Heads to Governor's Desk

Breaking News – The Georgia IRC Update (Conformity Bill), now HB 846, has just passed both the Senate Floor (yesterday) and now the House with a vote of 110-56. It is now headed to Governor Brian Kemp next for his signature. HB 846 can be found here.

The Georgia Society of CPAs (GSCPA) successfully advocated for the passage of the Conformity Bill. In the days since COVID-19 began and the Georgia Legislative Session was both delayed and restarted, GSCPA has been working closely with Georgia legislators and the Governor’s office to ask that the Conformity Bill be passed during special session in order to changes made in Federal law on or before March 27, 2020.

“GSCPA appreciates the hard work from House Ways and Means Chairman Brett Harrell and Senate Finance Chairman Chuck Hufstetler. Their attention to this bill and diligence in getting it passed is a testament to their commitment to the profession and Georgia tax payers,” said Boyd Search, President and CEO of The Georgia Society of CPAs.

It is important to note this Bill is for taxable years beginning on or after January 1, 2019 and conforms to changes made in Federal law on or before March 27, 2020. These conforming changes include the SECURE and CARES Acts, and as stated is retroactive back to 2019 returns.

Each year, the Georgia Conformity Bill is passed with exceptions. New this year to the list of exceptions are any changes found in the CARES Act related to Section 172 and Section 461(1), which shall be treated as if these federal changes are not in affect as it relates to a Georgia return.

Please stay tuned to GSCPA’s web site and social media channels for more breaking news.