Annual IRS update bill was passed and signed into law

The annual IRS update bill was passed and signed into law midway through the 2016 session. Sponsored by Rep. David Knight (R-Griffin), House Bill 742 ensures the continued stability and compliance of the Georgia Revenue Code that is vital to the operation of businesses of all sizes. Of particular note, HB 742 increases the Section 179 deduction limit to $500,000 in state revenue code, which mirrors recent federal action and will provide valuable relief for small businesses as they expand in Georgia.