ATLANTA (March 11, 2014) | The Georgia Senate approved House Bill 658, a measure that would repeal the Georgia estate tax, by a vote of 42 to 8 today. Sen. Charlie Bethel (R – Dalton) carried the bill, which was sponsored in the House by Rep. B.J. Pak (R – Lilburn).
“The ‘death tax’ is one of the most disruptive and despised taxes. Georgia has spent years phasing out this tax, and HB 658 marks the final removal of this tax from our laws. I hope this effort serves as an encouragement to our federal government in joining our state in refusing to tax the estates of citizens who have been taxed enough already in life,” said Sen. Bethel.
HB 658 would end the Georgia estate tax, more commonly known as the “death tax,” and any requirements for related estate tax returns on July 1, 2014. Currently in Georgia, any property or assets transferred to others at the time of death is taxed on the fair market values of the item or property.
The bill will not affect tax, penalty, interest liabilities or refund eligibility for taxable years prior to the sunset date. Additionally, any administrative proceedings, civil actions, prosecutions or punishments related to the violation of law prior to this date will not be decreased or waived.
HB 658 now transfers to Governor Deal for his consideration and signature.
FOR IMMEDIATE RELEASE
March 11, 2014
Contact:
Jennifer Yarber, Director
jennifer.yarber@senate.ga.gov
404.656.0028