2005 Georgia Income Tax Legislation Highlights

House Bill 263 allows the $250 deduction for school teachers allowed by the Internal Revenue Code Section 62(a)(2)(d) effective January, 1, 2005. Allowance of increased IRC Section 179 Deduction: Georgia will allow individuals and corporations to deduct up to $105,000 in equipment purchases in 2005. The old limit was $25,000.