Updates to Georgia tax code passes Senate

Updates to Georgia’s tax code in time for the April filing deadline are headed to the House for final approval, after the state Senate unanimously signed off on them Wednesday.

House Bill 292 includes business property exemptions already in the federal tax code, although the House originally proposed lower maximum property deductions for taxable income on such property to $250,000 for 2014, with a phase-out threshold of $800,000.

The Senate changed the bill to match federal law: a maximum property deduction for taxable income on such property to $500,000, with a phase-out threshold of $2 million.