Legislative Update – March 2019
The 2019 legislative session began on January 14, 2019, the second Monday in January. Crossover day was on Thursday, March 7 (28th legislative day) which is the deadline for all bills to crossover from one house to the other. If a bill didn’t “crossover” by March 7, it will die for the remainder of the 2019 legislative session. Sine Die is Monday, April 2 which represents Day 40 and the very last day of legislative session for 2019.
As of March 17, 2019 there were 1,183 House Bills and House Resolutions while the Senate had put forward 624 Bills and Resolutions. A number of the bills and resolutions in both the House and Senate will be debated furiously in the coming days, with legislators, lobbyists and interested members of the public vying for an opportunity to have their opinions heard.
Some of the bills that made Crossover day so far during the 2019 legislative session include:
IRC Update Bill – HB 419 relating to revenue and taxation, so as to define the terms "Internal Revenue Code" and "Internal Revenue Code of 1986" and thereby incorporate certain provisions of the federal law into Georgia law. This bill is Georgia’s conformity bill that would impact 2018 tax returns. This bill would conform to any law changes that took place Federally in 2018. Additionally, this would bill has some general clean up language around partnership audits.
Current Status: Passed the House and has been viewed favorably by Senate Finance, this bill is currently in the Senate Rules Committee waiting to be assigned to the Senate Floor for a vote.
http://www.legis.ga.gov/Legislation/en-US/display/20192020/HB/419
Hurricane Michael Exemption Bill – This disaster relief exemption bill, House Bill 105, is one that would be of significant interest to anyone suffering disaster losses due to Hurricane Michael. Specifically, those who receive disaster relief from the United States Department of Agriculture for damage incurred by Hurricane Michael. The bill states: “For taxable years beginning on or after January 1, 2019, and ending on or before December 31, 2023, income received as payments from a disaster relief or assistance program administered by the United States Department of Agriculture in connection with Hurricane Michael, which was a weather event declared to be a major disaster in this state by the President of the United States during the 2018 calendar year, to the extent such income is included in federal adjusted gross income or federal taxable income.”
Current Status: This bill passed the House and is currently on the agenda of the Senate Finance Committee to be heard by Subcommittee.
http://www.legis.ga.gov/Legislation/en-US/display/20192020/HB/105
Wayfair Online Sales Threshold Bill – In the 2018 legislative session, Georgia passed a bill into law that added thresholds for online retailers. These thresholds give online retailers guidance so they know when they need to be collecting and remitting sales tax. This bill is very simple, as it lowers the gross revenue threshold from $250,000 to $100,000. This lower threshold is widely thought to be more in line with the Supreme Courts decision on the Wayfair case.
Current Status: Passed through the House and has passed through the Senate Finance Committee. It awaits assignment to the Senate Floor for a vote.
http://www.legis.ga.gov/Legislation/en-US/display/20192020/HB/182
Georgia Uniform Certificate of Title for Vessels Act – HB 314 – Nationwide, Georgia is one of the top states for boat theft. In large part, this is due to the fact that Georgia does not require boats to have a certificate of title. Thereby, proving ownership can sometimes be very difficult. Registering a boat, which Georgia does require, does not necessarily mean ownership. This is a much needed change for the boating community. It will also help Georgians better secure bank loans to purchase boats. Without a certificate of title, many banks are hesitant to provide financing to individual seeking to purchase.
Current Status: This bill passed out of the House and passed out of the Senate Finance Committee. It is currently waiting for assignment to the Senate Floor for a vote.
http://www.legis.ga.gov/Legislation/en-US/display/20192020/HB/314
GSCPA will continue to monitor future legislation and keep the momentum moving in the right direction. With many changes and challenges ahead, GSCPA continues to actively participate in the legislative process.
For a complete list of bills in House and Senate after Cross Over Day: Click Here
Stay Informed
Lastly, for more on legislation and representation or to locate your local representatives, visit www.gscpa.org. If there are any questions on the above bills contact Don Cook, vice president, legislative affairs at 404-504-2935 or dcook@gscpa.org.