Plain English Breakdown
The provided metadata lists an effective date of May 6, 2026, but this is not explicitly stated in the official text excerpt or summary; therefore, specific dates were omitted to strictly follow source material.
Tax Exemption for Farmer Bridge Assistance Program Income
This law exempts from state income tax all money received by individuals, corporations, and partnerships under the U.S. Department of Agriculture's Farmer Bridge Assistance Program.
What This Bill Does
- Exempts all income received under the Farmer Bridge Assistance Program from taxation.
- Amends Georgia laws regarding income taxes to include this exemption.
- Repeals any existing state laws that conflict with this new tax rule.
Who It Names or Affects
- Individuals who receive funds from the Farmer Bridge Assistance Program.
- Corporations participating in the Farmer Bridge Assistance Program.
- Partnerships that earn income through this federal program.
Terms To Know
- Farmer Bridge Assistance Program
- A United States Department of Agriculture program mentioned in the bill as a source of exempted income.
- Exempt from taxation
- Income that does not have to be included when calculating state taxes owed.
Limits and Unknowns
- The law only applies to the Farmer Bridge Assistance Program and does not mention other federal farm programs.
- This bill sets the tax rule but does not define who qualifies for the assistance program or how much money is available, as those details are set by the U.S. Department of Agriculture.