Georgia HB 1055 – Seniors say goodbye to Georgia Income Taxes in 2016

Update 2-18-2016: As of the 2016 tax year, all pensions and other retirement income will be exempt from Georgia income taxes

Georgia HB 1055 – May 2010

A 2010 Georgia law began to phase out Georgia’s income tax on retirement income beginning in 2012 and eliminates taxes entirely by 2016 ($65K, $100K; $200K; and all income in 2016 and beyond).  Qualifications include taxpayer being 65 or older during any time within the year.

Evidently, under current law, seniors who were 62 or older could exclude up to $35K of income before being levied Georgia income tax.

So what about those who are 62-65?  Are they under the current law and still have to pay Georgia income taxes over $35,000 annual income?  Maybe!

Source:  http://www.georgia.gov/00/press/detail/0,2668,78006749_157126503_159410187,00.html

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