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Form IT-611 Fillable Form IT-611 Corporation Income Tax Booklet
(all forms fillable on Windows, Mac, Android tablets, and iPad using Adobe Reader XI)
105 Employer s Credit for Providing or Sponsoring Child Care for Employees Employers who provide or sponsor child 15 year straight line cost recovery period for certain improvements 48 7 40 19 5 year carryback of certain disaster losses I R C Sections 5 year carryback of NOLs attributable to Gulf Opportunity Zone losses 5 year carryback of NOLs incurred in the Kansas disaster area after 5 year depreciation life for most new farming machinery and equipment 50% bonus depreciation for most tangible property and computer 50% bonus depreciation for qualified reuse and recycling property 50% bonus depreciation in connection with disasters federally declared 50% first year depreciation for post 8/28/2006 Gulf Opportunity Zone Additional itemized deduction for the sales tax on the purchase of a Any numbers or letters are crossed out or whited out Assessment of other penalties are as follows: Changes the definition of eligible student Changes the term comprised to composed in subsection Deferral of debt income from reacquisitions of business debt at a Defines eligible student Delinquent filing of a return 5% of the tax not paid by the original Eliminates the requirement that the Department shall Extends the tax credit to qualified investments made in Failure to pay tax shown on a return by the due date 1/2 of 1% Fraudulent underpayment 50% thereof GENERAL INFORMATION: INCOME TAX (continued) Gives the Commissioner of Economic Development Increased ($8 000) first year depreciation limit for passenger automobiles Modified rules for high yield original issue discount obligations Modified rules relating to the 15 year straight line cost recovery for Modifies the percentage amount that student scholarship Negligent underpayment of tax 5% thereof New York Liberty Zone Benefits I R C Section 1400L Provides that each SSO in awarding scholarships or Provides that in soliciting contributions an SSO shall Provides that notwithstanding Code Sections 20 2A 7 Provides that on or before the end of the calendar year Provides that the annual maximum amount (amount Provides that the annual report submitted by the SSOs Provides that the credit amount for an individual who is Provides that the preapproval application must be submitted Provides that the total aggregate amount of all tax credits Provides that until obligated revenues are designated Special rules relating to a financial institution being able to use Special rules relating to Gulf Opportunity Zone public utility casualty Specifies that all information except the statistical information Specifies that once the SSO designates obligated revenues Specifies that the audit must verify that the SSO has Specifies that the tax credit shall not be allowed if the TAX CREDITS (continued) Temporary tax relief provisions relating to the Midwestern disaster The deposit is to a savings account that does not allow you The election to deduct public utility property losses attributable to The election to increase the normal two year net operating loss The exclusion of $2 400 of unemployment income for 2009 I R C The routing number on a deposit slip is different from the The transition rule that would allow a taxpayer to revoke a prior Tier Location Underpayment of estimated tax see page 13 You request a deposit of your refund to an account that is not Your checks state they are payable through a financial institution Your financial institution will not allow a joint refund to be ZIP Code for your location address $ 1 250 $ 2 500 $ 3 500 $ 750 $10 000 must pay via electronic funds transfer ($25 000 00) (1) 90% of the excess of the tax of the applicable year determined without regard to any credits over the base year (1) Interest received on bonds held for investment and income (2) Gains from the sale of tangible or intangible property not (2) The excess of the aggregate amount of the credit allowed over the sum of the amounts of credit already used in (3) When net income of the above classes have been separately (a) Gross Receipts Factor The gross receipts factor is the (as certified by the Department of Economic Development) which is located in a tier 2 3 or 4 county (Attach Form IT 552 and Form 600 Schedule 11 ) (b) Apportionment of Income: Business Joint Venture and (both numbers and letters) Include hyphens but omit spaces (COAM) Motor Fuel and Sales Tax Contractor Licensing Bonding (i e hybrids) A low speed vehicle does not qualify for this credit For more information refer to O C G A 48 7 40 16 (see information on Page 1 about Federal tax changes) The * For a business enterprise that creates a new year one under DCA regulations for any taxable year beginning on or after 1 2009 $450 million in qualified investment property must be purchased for the project within a six year period The 1 2009 the following changes apply: 1 Base year port traffic means the amount of imports and exports during the second preceding 12 month period For 1 Consists of a distribution facility of greater than 650 000 square feet in operation in this state prior to December 31 1 Line 8 and on Schedule 3 Line 1A 1 NOL Carry forward Available to Current Year (Enter on Schedule 1 Line 6 or Schedule 7 Line 8) 360 678 1 The definition of a business enterprise now also includes a business or headquarters of a business that provides 1 through 71 1 When property is sold for which the bonus depreciation was 1/2 of 1% per month (up to 25%) will accrue until the tax is 10 or more 100% bonus depreciation rules) except for I R C Section 107 through 141 12 month period by more than 10% over their 1997 base year port traffic or by more than 10% over 75 net tons five 12% per annum is due on delinquent payments from the due 120 days to review the withholding credit being claimed and notify the business of the approved credit and when and 125 Qualified Education Expense Credit This provides a tax credit for qualified educational expenses A corporation is eligible 127 Clean Energy Property Credit This provides a tax credit for the construction purchase or lease of clean energy 128 Wood Residuals Credit This provides a tax credit for transporting or diverting wood residuals to a renewable biomass 12th MONTHOF THETAXABLEYEAR 142 through 159 15 or more 15th if filing on a calendar year basis If the due date falls on a 168(b)(3)(I) 168(k)(2)(A)(i) (the definition of qualified property) I R C Section 168(k)(2)(D)(i) (exceptions to the definition of qualified property) and 172(b)(1)(J) and 172(j) 1800 CENTURY BLVD NE 8TH FLOOR 1986 Recovery Zone Economic Development Bonds under 1994 $ 225 35112/31/1996 $ (49 052) $ 176 2991994 12/31/1997 $ (39 252) $ 137 0471994 12/31/1998 $ (26 880) $ 110 1671994 12/31/2000 $ (59 504) $ 50 663 $ 50 663 1999 $ 86 280$ 86 280 2 Current Year Income / (Loss) 100 000 2 Distributes product to retail stores owned by the same legal entity or its subsidiaries as such distribution facility; and 2 Port traffic means the amount of imports and exports 2 The credit may be claimed beginning with the year the job is created as opposed to the year after the job is created 2 The depreciation adjustment may be different if the taxpayer is 20 percent of the base investment in the state with an additional 10 percent for including a qualified Georgia promotion 2001 $ 116 287$ 116 287 2002 $ 18 765EXAMPLE $ 18 765 2002 It substantially changed the rules for filing consolidated 2003 $ 52 711$ 52 711 2004 $ 35 972 $ 35 972 2008; 2010 tax year) the taxpayer must file any claim for refund by 2013 Legislation 2013 the I R C Section 179 deduction is $250 000 and the related 2014 2015 2016 and 2017 respectively The aggregate amount of tax credits allowed is $10 million for investments 2014 and 2015 25 or more 266 became effective upon its approval by the Governor 3 Has a minimum of 8 retail stores in this state in the first year of operations 3 NOL Carry forward Available to Next Year (Subtract Line 2 from Line 1) 260 678 3 Other Federal items that are computed based on Federal Adjusted 3 The credit may be claimed against withholding tax for a business enterprise engaged in a competitive project 3 year statute of limitation period Credits claimed but not used may be carried forward for 10 years For a copy 3/12 = $25 00 net worth tax due 30348 5136 Check or money order for payment of tax should be made payable to Georgia Department of Revenue 33 1/3% 33 1/3% 33 1/3% 33A through 33D) make changes to the Qualified 4 The additional $500 00 tax credit for an existing business enterprise is allowed to be claimed in the year the job is 40 17 404 253 2800 or visit their website at: http://www dtae org/econdev/retrain html This credit should be claimed on 4562 and attach it to the Georgia return This should be entered on 47 the tax credit would not be allowed 48 2 15 48 7 60 and 48 7 61 if the copy of the audit 48 7 21 of the income tax laws of Georgia Accordingly 48 7 29 16) The income tax portions of this bill (Sections 4th MONTH 5 or more* 5 The additional new full time jobs created in the 4 years after the initial year shall be eligible for the credit 50% 50% 50% of the taxpayer s total state income tax liability for the taxable year Any credit claimed but not used in any taxable 560 7 3 10 6 The credit must be claimed within 1 year instead of the normal 3 year statute of limitation period 600 Schedule 3 Line 2 An extension of time does not alter interest or penalty charges for late payment of tax 600S CA is required to be filed were changed for tax 611S Booklet for more information 72 through 106 a company or a subsidiary of the company The credit is available for establishing new full time jobs To qualify each job A copy of the Federal Form 1120X or Federal audit adjustments A corporation may subtract federally taxable interest received A corporation must add back all captive REIT expenses directly A corporation must add back all intangible expense and A corporation which is a party to state contracts may subtract A corporation will be considered to own property in Georgia a credit totaling 100% of the cost of such property The credit is claimed at the rate of 10% a year for 10 years Any A Depreciation must be computed one way for Federal purposes A dormant corporation must file a net worth tax return and pay a duplicate original return a Georgia Taxpayer For more information refer to O C G A 48 7 29 12 and Regulation 560 7 8 50 For donations in taxable A low emission vehicle is defined as an alternative fuel vehicle and does not include any gasoline powered vehicles a member of a limited liability company duly formed A net operating loss sustained for the current taxable A new domestic or foreign corporation doing business or owning A nonresident who receives deferred compensation or income a prior year is required to pay tax on the income but only if the a substitute for the form IT 560C Failure to properly complete and mail the PV CORP could result in delayed or A taxpayer having an extension must prepay the Georgia tax A taxpayer must addback payments of more than $600 in a taxable A valid email address A zero emission vehicle is a motor vehicle which has zero tailpipe and evaporative emissions as defined under rules account The account number can be up to 17 characters Accuracy Security Paperless More Features activities (IRC Section 199) This adjustment should be entered on acts (as they relate to the computation of Federal Adjusted Gross acts mentioned above should be treated as follows (If the taxpayer actually paid by such member of the limited liability company addition or subtraction line of the applicable return Attach a statement addition to federal income even if the taxpayer qualifies ADDITIONAL INFORMATION Additionally adjustments due to other Federal tax Additionally the provisions listed above may have an indirect effect additions to Federal income should be indicated on Schedule 1 Address updates adjustments Adjustments for the items listed below should be added or subtracted ADJUSTMENTS TO FEDERAL INCOME Adjustments to Federal Income 6 Administrative Services maintains a list of certified minority affect income tax Section 1 is applicable to taxable Affiliated corporations that file a consolidated Federal income after 2007 I R C Section 168(n) After the last day of the eighth month and before the first After the last day of the fifth month and before the first day After the last day of the third month and before the first day aggregate amount of credit allowed an individual person for one or more qualified investments in a single taxable year all assets of the taxpayer Any other methodology requires All corporate income tax must be paid directly to the Georgia Department of Revenue The estimated tax shall be All corporations filing a short period income and/or net worth All corporations that own property or do business in Georgia All expenses connected with the interest and rentals from All Georgia corporations and foreign corporations that qualify allocated and deducted the remainder of the net business allocated to Georgia ALLOCATION AND APPORTIONMENT OF INCOME Allocation and Apportionment of Income 7 allocation For more information refer to O C G A 48 7 29 6 allowed to qualified investors for qualified investments also recommend that you review the New Information section Alternate Port Activity Tax Credit O C G A 48 7 40 15A provides an alternate port tax credit The definitions of base amend a return check the amended return block on Form 600 AMENDED RETURNS American Express MasterCard and Discover credit cards amount not greater than 50 percent of the taxpayer s state income tax liability which is attributable to income derived from amount of tax credits allowed for both the clean energy property tax credit and the wood residuals tax credit is $2 5 Amount of your last statement amounts of qualified investment property are purchased After an affirmative review of their application by a panel the An additional job tax credit of $1 250 per job; investment tax credit of 5%; or optional investment tax credit of 10% Companies an exemption from income tax an extension of more than six months from the due date of the return An organization that had tax exempt status with the Internal and a check will be sent: and all supporting schedules must be attached to the Georgia and another way for Georgia purposes To compute depreciation for and any carryforward attributable thereto are governed and are applicable to taxable years beginning on or after and attach the 600 UET to the return Enter penalty from 600 UET on schedule 3 line 8 of Form 600 and certain authorities or agencies of the State of Georgia for AND CREATE ASSESSMENTS and designated revenue distributed to a qualified and is filing its final income tax return is not required to file a and mailing and regulations of the Board of Natural Resources and includes an electric vehicle whose drive train is powered solely and shall no longer be adjusted annually using the Consumer and special symbols Enter the number from left to right and and suggestions on how to better accomplish that mission and the denominator of which is the average adjusted basis of and who are not excepted by O C G A section 48 7 21 1 An authorized and/or credited to estimated tax (on Schedule 3 Line 11)? ANNUAL REGISTRATION WITH annual total production expenditures in this state exceeded $30 million for 2002 2003 and 2004 This credit may be annually per new full time job meeting the wage requirement or $5 000 if the average wage of all new qualifying fulltime annually The due date for filing copies of the Federal return any contributions to the noncompliant SSO any qualified interactive entertainment production company and its affiliates which are qualified interactive entertainment any taxable year may be carried forward for 5 years from the close of the taxable year in which the investment occurred applicable tax year applies for and receives an automatic six (6) month extension to file their Federal income tax return If the return apply to the Department for a tax exempt determination letter are available on our website at www dor ga gov are projected in writing by the private school to be are taxed based upon the portion of net worth employed within area I R C Sections 1400N(f) and 1400N(k) as conservation land Property donated to increase building density levels or property that will be used or is associated As of October 2010 you may pay corporate income and estimated taxes using Georgia Tax Center (GTC) This as previously defined received by every corporation foreign or assessment of applicable penalties! If you do not need a Federal extension use Form IT 303 to request a Georgia Atlanta GA 30374 0395 ATLANTA GEORGIA 30345 3205 Atlanta Georgia 30374 0397 attached For more information refer to O C G A 48 7 40 5 attributable to domestic production activities (I R C attributable to operations within Georgia This deduction shall attributable to this State s marketplace Authority by reviewing O C G A 14 2 1501 You may view authority of the United States or any foreign country or by any automatically to your checking or savings account Check available This credit should be claimed on Form ITRHC For more information refer to O C G A 48 7 29 8 or the Available to Current Year Then insert Current Year Income / (Loss) in the space provided and compute the NOL average wage of the county in which it is located; and 5) For a taxpayer that initially claimed the credit in a taxable year average; or awarding of scholarships or tuition grants the SSO shall B Depreciation must also be computed for Georgia purposes Balance Bank Tax Credit All financial institutions that conduct business or own property in Georgia are required to file a based on all sources Based on net worth including issued capital stock paid in surplus and earned surplus (Schedule 2 Line 4) Based on net worth including issued capital stock paid in surplus and earned surplus employed within Georgia (Schedule 2 basis The aggregate amount of the tax credit allowed to all taxpayers cannot exceed $58 million per tax year The be entered on Schedule 7 Line 8 be entered on the other subtraction line of the return be listed as an addition to federal income even if the taxpayer be listed in Schedule 5 as a subtraction from Federal taxable be mailed to Georgia Department of Revenue P O Box 740395 be paid on or before the fifteenth day of the: be taxed based upon total net worth became effective for tax years beginning on or after January 1 been derived from business done in this State if received from been reached that taxpayer shall be added to a waiting list and receive priority for the following years credit allocation before the fifteenth day of the third calendar month after Before the first day of the fourth month of the taxable year 25% 25% 25% 25% beginning before January 1 2012 the job has no predetermined end date The credit amount varies depending upon the beginning on or after 1/1/2008 ) Forms 990 and 5500 should beginning on or after January 1 2005 Georgia law was beginning on Page 1 prior to filling out your return Beginning with the 2005 tax year consolidated groups that being claimed and notify the production company of the approved credit and when and how it may be claimed The bond treated as a Qualified Bond under Section 6431 (f) of Bonds for this purpose Bonds under Section 54AA of the Internal Revenue Code of booklet containing Form 602ES to be used for remittance of the remaining installments For more information both activities in their receipts factor Both taxes must be paid annually Schedule 3 of the return is Box 740397 Atlanta Georgia 30374 0397 business enterprise is rewarded with the new job tax credit The credit is $5 250 per job created The credit offsets income Business Enterprise Vehicle Credit This credit is for a business enterprise for the purchase of a motor vehicle used business enterprise; (2) the business enterprise must meet the job creation requirement and either the qualified invest business other than the manufacture production or sale of business partnership must include its pro rata share of the Business Partnerships A corporation or partnership that is but instead passes through the information needed to compute but must be applied against the investment income The net but the gain along with any Georgia adjustment to the gain (due to by electricity provided the electricity is not generated by an on board combustion device A low speed vehicle does not by Georgia law The accounting period and method for the Georgia by such Code section in effect for the taxable year in by such time will require the filing of separate returns for the by the Environmental Protection Division of the Department of Natural Resources must be included with the CA on behalf of each nonresident Failure to furnish a properly calculate Georgia taxable income Lines 2 and 4 of Schedule 1 calculate Georgia taxable income with adjustments as provided calendar years 2012 2013 and 2014 Taxpayers must request preapproval to claim this credit on Form IT WR AP capital stock paid in surplus and retained earnings Treasury care for employees are eligible for a tax credit of up to 75% of the employers direct costs The credit may not exceed care within 14 years after the property is placed in service This credit should be claimed on Form IT CCC100 For more carefully to ensure you list the correct code number carries an average daily ridership of not less than four employees for an entire taxable year This credit cannot be Carry forward Available to Next Year in the last space carryback to 3 4 or 5 years for tax years 2008 and 2009 I R C cations tourism broadcasting or research and development industries The credit shall be 10% of the additional research cause processing delays census tracts in the metropolitan areas of the state Note that average wages for the new jobs must be above the average census tracts only credits may also be taken against a company s income tax withholding To claim the credit against Certificate of Authority obligations are separate from any filings changed to specifically provide that Georgia follows Changes section for more information changes should be reported as stated in the instructions choose either the regular or optional investment tax credit Once this election is made it is irrevocable The optional claimed against 100 percent of the production company s income tax liability while any excess may be used to offset the claimed For more information refer to O C G A 48 7 40 17 claimed if the low and zero emission vehicle credit was claimed at the time the vehicle was purchased For more information claimed on Form 600 Schedule 3 Line 2 If tax is not paid by claimed on Form IT HC and accompanied with Federal Form K 1 from the providing entity and a schedule of the building claimed or 30 days prior to the due date of the return if earlier Once the income tax return is filed the Department has claimed there will be a difference in the gain or loss on the sale of claimed This credit should be applied for and claimed on Form IT HQ For more information refer to O C G A 48 7 Claiming prepayments remitted under another name Federal ID Number or taxable period claiming the credit on the appropriate tax return A taxpayer may not claim the job tax credit or the optional investment tax CLAIMS FOR REFUNDS DEFERRED COMPENSATION close of the taxable year in which the qualified jobs were established The measurement of new full time jobs and Code Section 20 2A 1: Code Section 20 2A 2: Code Section 20 2A 3: Code Section 48 7 29 16 the qualified education expense Column A: List the loss year(s) Column B: List the loss amount for the tax year listed in Column A Column E: List the balance of the NOL after each year has been applied Column F: List the remaining NOL applicable to each loss year column of the following table then the estimated tax shall be due as shown in the remaining columns Columns C & D: List the years in which the losses were utilized and the amount utilized each year combined with the initial income tax return because the Commission s determination and the appraisal must be attached to the income tax return; and the taxpayer must add back Commissioner COMMON ERRORS THAT DELAY REFUNDS commonly used items are listed in each of these schedules companies and their affiliates which are qualified interactive entertainment production companies shall not exceed $25 Companies must meet Business Expansion and Support Act (BEST) criteria for the county in which they are located The company whose net income is derived from business other company whose net income is derived from the manufacture compensation plans if the income is paid out over the life complete statement detailing the sources for such deduction Compliance Division 1 877 423 6711 complied with all requirements of Code Section 20 2A2 Composite Returns 1 877 423 6711 COMPUTATION OF INCOME TAX Computation of Income Tax 6 COMPUTATION OF TAX concerning proper return preparation and mailing conduct 100% of their business in Georgia must request connected with interstate or foreign commerce If the business conservation purposes A copy of this certificate must be filed with the taxpayer s tax return in order to claim the credit This consolidated Georgia income tax return a separate net worth consolidated return by the Commissioner of Revenue If filing a consolidated returns Consolidated Returns 5 contact the Department at 1 877 423 6711 containers or ten 20 foot equivalent units (TEU s) during the previous 12 month period are qualified for increased job tax continue disbursement for all years then the SSO shall continue to claim newly created new quality jobs through year seven and claim the credit on each of those new quality CORPORATE PARTNERS OF PARTNERSHIPS Corporation and Net Worth Tax Return Information 1 877 423 6711 corporation electing to file under the Internal Revenue Code CORPORATION ESTIMATED INCOME TAX INSTRUCTIONS Corporation Income Tax corporation is registered to do business in this State; whether corporation or association created or organized under the Corporation Refund Inquiry 1 877 423 6711 Corporation Return Processing Forms Estimates and Prepayment of Tax 1 877 423 6711 corporation to file Form 600 and pay the regular corporate tax corporations are taxed based upon total net worth (100% Corporations doing business both within and outside Georgia corporations in filing their Georgia corporate tax returns corporations One is an income tax at a rate of 6% on taxable corporations partnerships LLCs and nonresident withholding CORPORATIONS THAT MUST FILE ESTIMATED TAX corporations this is the beginning net worth Thereafter County Rankings Create photocopies as needed created as opposed to the year after the job is created created jobs through year seven and claim the credit on each of those jobs for five years The credit is equal to $2 500 created on or after January 1 2015 created; and 2) within one year of the first hire $1 million is spent in construction renovation leasing or other cost credit Credit Credit credit against taxes equal to 6 percent of the cost of all qualified investment property purchased or acquired The total credit allowed is $50 million The credit offsets income tax liability and any excess may be used to offset withholding Credit Amount CREDIT CARD PAYMENTS credit Certification must be approved through the Georgia Department of Economic Development The credit is equal to credit for any taxable year beginning before January 1 2009 credits are allowed for new fulltime employee jobs for five Credit for Recycling Pollution Control or Defense Conversion Activities credit is available for investments made in 2011 2012 2013 2014 and 2015 The credit is claimed 2 years later in 2013 credit regulation Revenue Regulation 560 7 8 credit should be claimed on Form IT BE For more information refer to O C G A 48 7 41 credit should be claimed on Form IT CONSV The taxpayer beginning January 1 2012 has the option of selling the credit to credit when claiming this credit for the same project Companies must invest a minimum of $50 000 per project/location credit: Credits claimed in calendar years 2012 2014 must be taken in four equal installments over four years Taxpayer must credits or investment tax credits NOTE: Base year port traffic must be at least 75 net tons five containers or 10 TEU s Credits similar to the credits available in Tier 1 counties are potentially available to companies in certain less developed Current year individual and corporate tax payments; customer service and operational performance of any state customers in this State or products delivered to customers customers within this State or if the receipts are otherwise date and before tax years beginning on or after 1/1/2008 as date of either payment of the tax or the due date of the income tax date of incorporation/qualification to the end of the year date until paid in full date until the date the liability is paid in full An extension of time day of the third month following the beginning of the corporation s day of the twelfth month of the taxable year days prior to the due date of the return if earlier Once the income tax return is filed the Department has 120 days to deducted to determine Federal taxable income This includes deductible health plan as defined by Section 223 of the Internal Revenue Code The qualified health insurance must be deduction by allocating to Georgia only the amount of the loss deduction for certain real property defined in O C G A 48 7 40 qualifies for an additional $500 credit for each new fulltime job provided all conditions are delinquent payment is 10% of tax due In addition interest at Department of Community Affairs website at: https://www dca ga gov/economic/TaxCredits/programs/taxcredit asp Department of Natural Resources website at: http://www georgiashpo org Department of Revenue Department of Revenue Processing Center P O Box 740397 deposited to an individual account The State of Georgia is not depository financial institution with a Sub S election can pass through the credit to its shareholders on a pro rata basis Depreciation Differences Depreciation differences due to the Federal depreciation on the Federal return Description Description DescriptionCredit designate any remaining previously obligated revenues designate the obligated revenues for specific student Designated Area Minimum Investment Tax Credit designations of less developed areas designed to combine the liabilities any penalty and interest determination letter for any reason must apply using Georgia Diesel Particulate Emission Reduction Technology Equipment This is a credit given to any person who installs diesel different from the one at which you have your checking Direct deposit account DIRECT DEPOSIT Fast Refunds! Choose Direct Deposit A DIRECT DEPOSIT OPTION Disaster Area I R C Section 1400N(d)(1) discount in 2009 and 2010 which is federally deferred for up to five discussed below Georgia has adopted the provisions of all federal distribute the entire obligated and designated revenues do business in Georgia or have income from Georgia sources does not follow DOMESTIC AND DOMESTICATED FOREIGN CORPORATIONS Domestic corporations and domesticated foreign domestic that owns property in this state does business in done in this State if received from products shipped to done outside the State the tax is imposed only on that portion DOUBLE CHECK Double Check List and Common Errors 22 Douglas J MacGinnitie download forms and obtain up to date tax information and due any business tax credits and the credits for prepayment due date for each month or fractional part thereof up to 25% due dates do not coincide due to an IRS audit during the tax year in order to claim the job tax credit or the optional investment tax credit when claiming this credit for the Each exempt organization must file a copy of the forms they Each SSO shall provide a copy of the audit to the Department Economic Development For more information refer to O C G A 48 7 40 26 Education Expense Credit as follows: election to forego the net operating loss carryback period Electric Vehicle Charger Credit This is a credit for a business enterprise for the purchase of an electric vehicle charger ELECTRONIC FILING Electronic Filing Front Cover 5 Electronic Funds Transfer 1 877 423 6711 ELECTRONIC PAYMENT Electronic Payment 13 electronically mail Form PV CORP with the payment to the address on the form Do not use Form PV CORP as electronically to the Department in the manner employee is someone legally allowed to work in the Employee Withholding Information 1 877 423 6711 employer (but only an employer who employs 50 or fewer persons either directly or whose compensation is reported on Employer s Credit for Approved Employee Retraining The retraining tax credit allows employers to claim certain costs Employer s Credit for Basic Skills Education Businesses which provide or sponsor basic skills education that enhances Employer s Credit for Purchasing Child Care Property Employers who purchase qualified child care property will receive employer s income tax liability The qualified health insurance premium expense must equal at least $250 annually Employer s Jobs Tax Credit Employer s Jobs Tax Credit This credit provides for a statewide job tax credit for any business employment verification system known as E Verify or any successor federal employment verification system and is en enrolled at the qualified school or program In making a enrolled for twelve consecutive months in a qualified health insurance plan Qualified health insurance means a high Estimated Income Tax 13 estimated tax and a charge at a rate of 9% per annum for underpayment of estimated tax Compute the 9% estimated tax worksheet and Form 602ES are on Page 14 Include your corporate name address telephone Every domestic or foreign corporation subject to taxation in Georgia shall pay estimated tax for the taxable year if everywhere This includes all intangible assets reflected on the example if payments were made with respect to the 2010 calendar example if the taxpayer is trying to claim the credit for 2010 they would compare 2009 to 2008 and if the increase is EXAMPLE: Corporation A files a three month short period exceeding 25 percent of the fair market value of the donated property or 25 percent of the difference between the fair market Exceptions exclusively to provide transportation for employees In order to qualify a business enterprise must certify that each vehicle executed Form 600S CA for each nonresident stockholder exempt status for the corporation along with the letter of existed on January 3 2013 and as adopted by Section expectancy of the person or at least 10 years An employer is expended or $10 000 00 per tax year whichever is less; expense for the direct benefit of any particular individual expense is multiplied by a fraction the numerator of which is expense over the base amount provided that the business enterprise for the same taxable year claims and is allowed a extension if necessary Extension Information 15 EXTENSION INFORMATION FOR CORPORATIONS facility in this state for at least 3 years and who spends $800 million on a new manufacturing facility in this state There factors are determined per the instructions on Page 6 Failure to attach a copy of the Federal extension will result in the return being considered filed late and the Failure to comply with the provisions of the law may result in a penalty of 5% of the income tax for failure to pay Failure to include BEST credit schedules and withholding Forms G2 A and G 2RP Failure to indicate the applicable tax year end Failure to pay tax penalty is not due if the return is being amended fast simple safe secure way to have your refund deposited Federal Adjusted Gross Income (Federal Taxable Income Federal deduction for income attributable to domestic production Federal environmental tax Federal ID Number and the tax year end on your remittance ) federal law prohibits the state from taxing it Federal law prohibits Federal purposes taxpayers should use the current year IRS Form Federal return even if it is not required for Federal purposes federal return for which a credit is allowed Taxpayers must request preapproval to claim this credit on Form IT QEE Federal return such as accounts receivable Gross receipts FEDERAL SCHEDULE L REQUIREMENT Federal taxable income is used as the basis of computation to FEDERALTAX CHANGES File for the mailing addresses File Form 600 and pay the tax electronically Visit our website www dor ga gov for more information file with the Internal Revenue Service (Forms 990 990 EZ etc ) Filing frequency change FILING REQUIREMENTS Filing Requirements 5 Film Tax Credit (use code 133 if the credit is for a Qualified Interactive Entertainment Production Company) Produc Film Tax Credit for A Qualified Interactive Entertainment Production Company For taxable years beginning on or after final return shall compute the net worth in accordance with the following apply your direct deposit request will be rejected following instructions: following the calendar year in which an SSO receives following the close of the taxable year This would be March For a complete list of features visit GTC and click on the What can I do inside GTC button http:// for a credit amount that can equal up to 75% of its income tax liability The credit is allowed on a first come first served for a new specific student recipient on or before the end for all or any portion of the addition listed on Schedule 4 for an exception If the taxpayer qualifies for a full or for filing does not affect any interest or penalty charged for late for Georgia purposes and attach it to the Georgia return This should for income tax purposes a separate net worth tax return for less developed areas The bill: For more details about credits and the latest forms visit our website at: http://www dor ga gov/inctax/taxcredits aspx For more information refer to O C G A 48 7 29 14 For more information refer to O C G A 48 7 29 7 For more information refer to O C G A 48 7 40 27 and 48 7 40 28 For net worth tax purposes a domestic corporation is a For net worth tax purposes a foreign corporation is a for non individuals) that were enacted on or before for payment of: for sales tax on the purchase of a new vehicle in 2009 because for specific student recipients in the case of for specific students the SSO shall hold the obligated For tax years beginning on or after 1/1/2008 Form 3605 is For tax years beginning on or after January 1 2003 a claim for For tax years beginning on or after January 1 2006 a For tax years beginning on or after January 1 2008 the For tax years beginning on or after January 1 2009 the credit must be claimed within 1 year instead of the normal For tax years beginning on or after January 1 2010 the following changes apply: for tax years beginning on or after January 1 2013 losses for the net operating loss carryover provisions Georgia for the portion of the income on which such tax was for the purpose of financial profit or gain; whether or not such for the taxable year to be eligible for the credit FOREIGN CORPORATIONS Foreign corporations (those formed in a state other than Foreign corporations qualified to conduct business in Georgia Form 1099) is allowed a tax credit for qualified health insurance expenses in the amount of $250 00 for each employee Form 3605 A nonprofit corporate charter does not constitute Form 600 T should be mailed to the address on the form The Form 602 ES 14 Form 602ES should be mailed to State of Georgia Department of Revenue P O Box 105136 Atlanta Georgia Form IT 560C 12 Form IT CONSOL should be mailed to: Georgia Department of Form IT RC with Program Completion forms signed by Department of Technical and Adult Education personnel Form IT WH at least 30 days prior to filing the return on which the credit will be claimed or 30 days prior to the due date Form PV CORP 23 Forms and General Instructions forward for ten succeeding years The Department of Natural Resources will certify that such donated property is suitable for Frequently asked questions regarding corporations S FREQUENTLYASKED QUESTIONS from activities which constitute the company s regular trade from Federal taxable income 10% of qualified payments to from Georgia A corporation with a deficit net worth pays the FROM THE COMMISSIONER from the exercise of stock options that were earned in Georgia in funds to the SSO Furthermore in 2003 the IRS started requiring separate reporting to GA 30345 3205 (Will no longer be required for tax years gaged in or carrying on any business activities within this state Retail businesses are not included in the definition of a general in a partnership which owns property or does business GENERAL INFORMATION: INCOME TAX GENERAL INFORMATION: INCOME TAX (continued) GENERAL INFORMATION: NET WORTH TAX GENERAL INFORMATION: NET WORTH TAX (continued) Georgia apportionment ratio shall be computed by applying Georgia as computed in Schedule 2 using the ratio computed Georgia Code Section 48 7 57 provides that a taxpayer need not apply for a Georgia extension if the taxpayer Georgia does not allow the Federal deduction for income Georgia Financial Institutions Business Occupation Tax Return Form 900 Effective on or after January 1 2001 a Georgia has also not adopted the following: Georgia has its own standard deduction Georgia has no separate form for filing an amended return To Georgia has not adopted I R C Section 168(k) (the 30% 50% and Georgia has not adopted I R C Section 199 (federal deduction for Georgia income tax is 6% of the Georgia taxable income shown on Georgia income tax return (Please round all dollar entries ) A Georgia must file a net worth tax return until it has withdrawn GEORGIA NOL CARRY FORWARD WORKSHEET EXAMPLE Georgia sources and property owned and business done within Georgia Tax Center Georgia tax on interest Georgia tax return for any reason other than filing an initial or Georgia Taxes Deductible There shall be added to taxable Georgia W 2 reported payroll within the six year period The business enterprise can receive credit for up to a maximum Georgia) should determine the need to obtain a Certificate of Governor grants based on the donation revenue received Gross Income or Federal Taxable Income will have to be gtc dor ga gov GTC Features has depreciation differences from more than one Federal act has the ability to claim the credit in years one through five for jobs created in year one and may continue to claim newly Have you addressed your envelope properly? Do not mail your Georgia Form 600 to the Internal Have you included a copy of Federal Form 1120 and supporting schedules with your return? HB 266 (O C G A 48 1 2 and 48 7 40 12) There are HB 283 (O C G A 20 2A 1 20 2A 2 20 2A 3 and HB 318 (O C G A 48 7 40 30) The income tax portion Headquarters Tax Credit Companies establishing their headquarters or relocating their headquarters to Georgia prior held owned or used in connection with the trade or business held purely for investment purposes and not used in the Historic Rehabilitation Credit A credit will be available for the certified rehabilitation of a certified structure or historic home Standards set by the Department of Natural Resources must be met For taxable years beginning on or after How Do I Sign Up? To use GTC visit our website at http://gtc dor ga gov First time users must how it may be claimed A credit claimed but not used in any taxable year may be carried forward for 10 years from the https://etax dor ga gov/inctax/efile/corp efile info aspx#approved I R C Section 1400N(k) I R C Section 168(e)(3)(B)(vii) I R C Section 168(e)(7) I R C Section 168(k)(2)(E) (special rules for qualified property) and I R C Section 168(m) I R C Sections 108 381 382 and 384 Please see page 1 I R C Sections 163(e)(5)(F) and 163(i)(1) IC or optional: Form IT OIT) with the tax return and providing a statement with port numbers to verify the increase in port If a federal audit results in a change in taxable income the taxpayer If an extension is granted but the tax was not paid by the statutory due date late payment penalties will be assessed If any corporation domestic or foreign does business or owns If not the percentage increase in port traffic will be calculated using 75 net tons five containers or 10 TEU s as the base If other requirements are met job tax credits are available to businesses of any nature including retail businesses if the passenger automobile is qualified property I R C If the requirements to file estimated tax under Code Section 48 7 117 are first met as shown in the left hand If there is an overpayment (on Schedule 3 Line 6) did you show the amount to be refunded If there is tax due (on Schedule 3 Line 10) have you attached Form PV CORP and your remittance If this return is for a short period of less than six months If you claim a net operating loss deduction you must file a If you claimed Georgia Business credits did you include the required schedules or forms? If you determine that you are required to file estimated tax mail your initial payment along with Form 602ES The If you file electronically mail your payment with the PV CORP to the address indicated on If you owe taxes mail your return and payment with Form PV CORP to the address on the return If you file Improper enclosure of Form IT 552 Application for Tentative Carry back Adjustment Form improper posting of your payment For further instructions on the PV CORP see Page 23 in accordance with Code Section 20 2A 3 In accordance with O C G A 48 2 32(f)(2) corporate estimate taxpayers with quarterly payments of more than in any taxable year beginning before January 1 2012 in counties recognized and designated as the 40 least developed counties in Georgia or as a result of business done in Georgia The net in Georgia or has income from Georgia sources in Schedule 8 To compute the ratio the property factors will in subsections (c)(1) (c)(3) and (c)(4) Under current in the 2016 taxable year shall not exceed $5 million in the 2017 taxable year shall not exceed $5 million in the state certified production There are special calculation provisions for production companies whose average in your name (such as your tax preparer s own account) include a two dimensional (2D) barcode A list of these companies is available on our website at Include your Federal Employer Identification Number on your check or money order includes the 2013 tax year) The bill adopts certain provisions including but not limited to financial requirements Income (AGI) for individuals or federal taxable income for nonindividuals) income any taxes on or measured by net income or net profits income as defined and reported annually by the Department income attributable to domestic production activities) income of the corporation is derived in part from Georgia income received by the person in all places during the current income See Georgia Code Section 48 7 21 for additional income shall be apportioned as follows: Income Tax Forms 1 877 423 6711 income The second is a graduated tax based on corporate net Income Year Incomplete Georgia return referencing schedules that were not submitted with the return incorporation or qualification The initial net worth tax return incorporation will suffice Attach these forms to the Incorrect addresses and Federal ID Numbers Incorrectly consolidating net worth tax for parent and subsidiary corporations incurred This credit should be claimed on Form IT CCC75 For more information refer to O C G A 48 7 40 6 INDEX PAGE Individual and corporate estimated tax payments Individual Income Tax Return Information 1 877 423 6711 ineligible or for any other reason the qualified ineligible or for any other reason the SSO elects not to information including instructions on proper return preparation information refer to O C G A 48 7 40 16 information refer to O C G A 48 7 40 6 INITIAL FILING AND DUE DATES institution for the correct routing number to enter if: INSTRUCTIONS insurance available to employees filling the new full time jobs Employers are not however required to pay all or part of intangible property was acquired as income from property held Interest accrues at the rate of 12% per year from the original due interest due for the respective taxes and enter the amounts on interest expense To arrive at such reduction the total interest intergrated tax system gives corporate taxpayers the ability to pay the tax via a secure internet connection INTRODUCTION LATE PAYMENT PENALTY investment income from intangible property shall be allocated investment income from tangible property in Georgia shall be investment tax credit is calculated based upon a three year tax liability average The annual credits are then determined involved in a business joint venture or that is a partner in a is a dependent of the taxpayer The status as an is a foreign corporation which has agreed under the provisions is also the requirement that the number of full time employees equal or exceed 1 800 However these do not have to be is based on the beginning net worth (Federal Schedule is being amended due to an IRS audit is due between January 1 and April 1 The SOS will send a is received within the time extended by the Internal Revenue Service and Form 7004 is attached to the return no is then prorated based on the number of months included in IT 552 should be attached to the front of the Loss Year return Do not attach Form IT 552 to IT 611 it is not necessary to make a separate adjustment for each act): it is the net worth on the first day of the corporation s net its net income for such taxable year can reasonably be expected to exceed Twenty Five Thousand Dollars January January 1 2009 a credit not to exceed $100 000 for a historic home and $300 000 for a certified structure will be January 1 2011 See Code Section 48 7 40 30 and Regulation 560 7 8 52 for more information January 1 2012 in tier 1 counties the business enterprise must increase employment by 2 or more new full time jobs January 1 2013 January 1 2013 the aggregate amount of film tax credits allowed for qualified interactive entertainment production January 3 2013 Please see the Federal Tax jobs for five years The credit may be used to offset 100 percent of the taxpayers Georgia income tax liability in the jobs is 200% or more of the average county wage where new jobs are located The credit may be used to offset 100 jobs may be entitled to a credit provided certain conditions are met A new quality job means a job that: 1) Is located in joint venture s or partnership s property payroll and gross L) of the corporation and covers the tax period from the Land Conservation Credit This provides for an income tax credit for the qualified donation of real property that qualifies late filing penalties will apply law for calendar years 2011 2012 and 2013 is $10 million law only the Commissioner of Community Affairs makes lease of a new low emission vehicle Also there is a credit for the conversion of a standard vehicle to a low emission lease of a new zero emission vehicle Also there is a credit for the conversion of a standard vehicle to a zero emission least 100%; Tier 2 counties at least 105%; Tier 3 counties at least 110%; and Tier 4 counties at least 115% The company leave any unused boxes blank Liabilities on Department of Revenue issued assessment Line 2 and listed on Schedule 4 Line 6) located in a tier two or three county established pursuant to O C G A 48 7 40 and in a less developed area established located in the State of Georgia The credit allowed is the lesser of 10% of the cost of the charger or $2 500 For more Loss Amount Loss YearA losses I R C Section 1400N(j) Low Emission Vehicle Credit This is a credit the lesser of 10% of the cost of the vehicle or $2 500 for the purchase or Low Income Housing Credit This is a credit against Georgia income taxes for taxpayers owning developments receiving made available to all employees and compensated individuals of the employer pursuant to the applicable provisions of made in calendar years 2011 2012 and 2013; and $5 million for investments made in calendar years 2014 and 2015 made in the 2014 calendar year and claimed and allowed made in the 2015 calendar year and claimed and allowed mailing address for Form 3605 is Georgia Department of maintained jobs is based on average monthly employment Georgia counties are re ranked annually based on updated Make payments for returns and assessments management or computer operating systems except a retraining tax credit shall be allowable for those providing manufacturer must also create at a minimum 1 800 new jobs within a six year period and can receive credit for up to a Manufacturer s Investment Tax Credit Based on the same Tier Ranking as the Job Tax Credit program It allows a marketplace for the taxpayer s goods and services When maximum credit of $250 000 per individual and 500 000 per corporation and $500 000 per partnership However the maximum of 3 300 jobs For business enterprises who first qualify in a taxable year beginning on or after January 1 2009; May 3 2007 I R C Section 1400N(k) May 4 2007 Kansas storms and tornadoes in the fifth tax year before may be claimed for 10 years provided the qualifying property remains in service throughout that period A taxpayer must may offset up to 50% of a taxpayer s state income tax liability for a taxable year In Tier 1 counties and less developed may receive a tax credit The program is administered by the Department of Technical and Adult Education This ment requirement $450 million qualified investment peoperty or the payroll requirement $150 million in total annual met For taxpayers that create a new year one under DCA regulations for any taxable year beginning on or after January million for calendar years 2008 2009 2010 2011 and $5 million for calendar years 2012 2013 and 2014 A person million When this $25 million cap is reached the film tax credit for qualified interactive entertainment companies and minimum tax of $10 00 A corporation which has been liquidated minority subcontractors or $100 000 whichever is less per minutes! month Periods ending on the 16th day or later are moved forward more information Late payment penalty is not due if the return more than 10% they would qualify NOTE: Base year port traffic must be at least 75 net tons five containers or 10 TEU s more than one box You must check the correct box to ensure most corporations If you need additional forms we encourage multiyear distribution to a qualified school or program multiyear scholarships or tuition grants for which the multiyear scholarships or tuition grants the SSO may must be 01 through 12 or 21 through 32 Ask your financial must be attached Mail the amended return to Georgia must be filed by each subsidiary Visit our website at must pay a salary which is a stated percentage of the average county wage where the job is located: Tier 1 counties at Nathan Deal Douglas J MacGinnitie NE Atlanta GA 30345 Please note: Tax returns should negates Georgia s recognition of the election requiring each net overpayment of the two taxes Compute any penalty and NET TAX DUE OR OVERPAYMENT Net Worth Tax Instructions 8 9 net worth tax is computed as follows: Tax per scale $100 00 x NET WORTH TAX RETURN net worth tax return nor is it entitled to a refund of previously NET WORTH TAX TABLE NEW ESTIMATED TAX FILERS New Facilities Jobs Credit For business enterprises who first qualified in a taxable year beginning before January NEW INFORMATION NEW INFORMATION (continued) New Information 1 4 New Jobs Created new jobs to Georgia An application is filed which a panel must approve The benefit awarded to a manufacturer is a New Manufacturing Facilities Property Credit This is an incentive for a manufacturer who has operated a manufacturing new vehicle in 2009 I R C Sections 164(a)(6) and 164(b)(6) Please news from the Department of Revenue no longer required The IRS determination letter allowing NOL Utilized noncompliant SSO submits an amended audit which not be reported directly on the S Corporation or partnership return not be sent to this address See When and Where to Not exceeding $ 10 000 00 10 00 not represent or direct a qualified private school to represent not require any other information from the SSO s not subject to apportionment Rentals received from real estate Note: Any short periods ending on the 1st through the 15th day NOTE: Check the Extension box on Form 600 if a Federal or Georgia extension was granted Failure note: Georgia also does not allow the increased standard deduction NOTE: Please do not mail your return and payment separately! If you file a paper return and Note: The combined total of the penalty for delinquent filing of a NOTE: The credit type code numbers referenced above are subject to change from year to year Please review the codes NOTE: The Department of Revenue encourages the use of 2D barcode returns; however we neither Note: The requirements as to when and how often the Note: The total aggregate amount under current Note: Under the current qualified education expense notice to the corporation s principal office address in early notices; number Federal Employer Identification Number and the taxable year You will receive a personalized coupon of 4 500 jobs For tax years beginning on or after January 1 2012 the job creation requirement is extended if certain of all federal laws related to the computation of of any particular individual whether or not such individual of Community Affairs less developed areas described of Georgia law to be treated as a domestic corporation and to of recipients for each quartile of retraining employees to use new equipment new technology or new operating systems For tax years beginning on of Revenue and the average number of dependents of Rights will provide fair courteous and timely service to of such return is required to be filed electronically pursuant of tangible personal property receipts shall be deemed to have of tax credits allowed per tax year) shall be $58 million OF THE OF THE of the business income which is reasonably attributable to of the corporation nor for sale in the regular course of business of the following calendar year of the month are backed up to the last day of the preceding of the multiyear scholarship or tuition grant to the designated of the ninth month of the taxable year of the Retraining Tax Credit Procedures Guide contact the Department of Technical and Adult Education at of the return if earlier Once the income tax return is filed the Department has 120 days to review the withholding credit of the sixth month of the taxable year of the tax due for each month or fractional part thereof up to 25% of the tax not paid by the original due date of the taxable year of this bill (Section 2) makes changes to the job tax credit of this bill (Section 6) changes the qualified investor on Georgia municipal bonds designated as Build America on Georgia municipal bonds issued by the State of Georgia on March 5 2013 and is applicable to all taxable on or after January 1 2012 may be used to offset withholding as provided in the research tax credit regulation This credit on Page 1 on Page 2 of Form 600 on Schedule 1 Line 4 and listed in Schedule 5 The more on the calculation of Georgia taxable income on your Georgia income tax form one disbursement if the designated student becomes ONE FACTOR FORMULA one year Any unused credit may be carried forward 10 years Excess research tax credit earned in taxable years beginning one year may not exceed the taxpayer s income tax liability for that taxable year Any unused portion of the credit may be carried only the gross receipts factor See Georgia Comp Rules and operation of the business are also not subject to apportionment operations in this state for that taxable year No credit may be claimed and allowed under this code section for any jobs Optional Investment Tax Credit Taxpayers qualifying for the investment tax credit may choose an optional investment or a partner in a partnership is the amount or after January 1 2009 approved retraining shall not include any retraining on commercially mass produced software or business or headquarters of any such business engaged in manufacturing warehousing and distribution processing or headquarters of any such business engaged in manufacturing warehousing and distribution processing telecommuni or indirectly paid to a related member All such expense must or not it maintains an office or place of business within this or partners or S Corporation is not allowed the Section 199 deduction directly or that have income from Georgia sources are required to file a or to providing telecommunications services Taxpayers must apply (use Form IT APP) and receive approval before or tuition grants as required by the statute; that obligated or tuition grants complied with all applicable Department order for the taxpayer to take a subtraction on Schedule 5 ordinary gain or loss treatment for the sale or exchange of certain organizations (SSOs) must obligate from their revenue Organizations that received IRS determination letters after that Other Differences Other differences should be placed on the other Over 1 000 000 00 and not exceeding 2 000 000 00 750 00 Over 10 000 00 and not exceeding 25 000 00 20 00 Over 10 000 000 00 and not exceeding 12 000 000 00 2 000 00 Over 100 000 00 and not exceeding 150 000 00 125 00 Over 12 000 000 00 and not exceeding 14 000 000 00 2 500 00 Over 14 000 000 00 and not exceeding 16 000 000 00 3 000 00 Over 150 000 00 and not exceeding 200 000 00 150 00 Over 16 000 000 00 and not exceeding 18 000 000 00 3 500 00 Over 18 000 000 00 and not exceeding 20 000 000 00 4 000 00 Over 2 000 000 00 and not exceeding 4 000 000 00 1 000 00 Over 20 000 000 00 and not exceeding 22 000 000 00 4 500 00 Over 200 000 00 and not exceeding 300 000 00 200 00 Over 22 000 000 00 5 000 00 Over 25 000 00 and not exceeding 40 000 00 40 00 Over 300 000 00 and not exceeding 500 000 00 250 00 Over 4 000 000 00 and not exceeding 6 000 000 00 1 250 00 Over 40 000 00 and not exceeding 60 000 00 60 00 Over 500 000 00 and not exceeding 750 000 00 300 00 Over 6 000 000 00 and not exceeding 8 000 000 00 1 500 00 Over 60 000 00 and not exceeding 80 000 00 75 00 Over 750 000 00 and not exceeding 1 000 000 00 500 00 Over 8 000 000 00 and not exceeding 10 000 000 00 1 750 00 Over 80 000 00 and not exceeding 100 000 00 100 00 packages for word processing data base management presentations spreadsheets e mail personal information Page 1 Page 10 Page 11 Page 13 Page 15 Page 16 Page 17 Page 18 Page 19 Page 2 Page 20 Page 21 Page 22 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 paid net worth tax paid on the specified dates so as to effect payment in full of the estimated tax by the 15th day of the twelfth month paid or accrued within the taxable year imposed by the paid This penalty will accrue from the statutory due date partial exception Form IT Addback must be completed in partial exception Form IT REIT must be completed particulate emission reduction equipment at any truck stop depot or other facility For more information refer to O C G A partner in a partnership partners of the partnership are subject to the per individual and per corporation limits The amount of the credit used in any partnership or S Corporation return is not required if the partnership pay of the new quality jobs The credit must be claimed within 1 year instead of the normal 3 year statute of limitation payable to Georgia Department of Revenue with your return? (To ensure proper credit put your payment of tax Payments made prior to filing a completed return must be accompanied by Form IT 560C and claimed on Form PENALTIES AND INTEREST Penalties and Interest 5 6 penalties and interest accrue from the statutory due date regardless of an extension Georgia law prohibits granting Penalty for delinquent filing is 10% of tax due Penalty for penalty on Form 600 UET and check the UET Annualization Exception attached box if an exception applies Penalty waivers pensions as well as income received from nonqualified deferred per the ending balance sheet of the short period return The tax per the March 31 2009 balance sheet is $90 000 The Georgia per year percent of the taxpayers Georgia income tax liability in the taxable year Where the amount of such credit exceeds the period by more than 20 percent above its base year port traffic and also has increased employment by 400 or more no period The taxpayer may claim the credit in years one through five for new quality jobs created in year one and may permission to file a consolidated return using Form IT CONSOL phase out is $800 000 Georgia has not adopted the Section 179 Please DO NOT use staples Please note: The approval letter must be attached to all Please review your completed return: Please visit our website for instructional videos and frequently asked questions http://www gataxinfo org Please visit the GTC website at https://gtc dor ga gov for more infromation You may also contact the Electronic Port Activity Tax Credit For taxable years beginning before January 1 2010 businesses or the headquarters of any port traffic by more than 20% above their base year port traffic may take both job tax credits and investment tax credits pre approval from the Department Also see Georgia Regulation preferred stock after Dec 31 2007 I R C Section 1221 preparation and mailing preparer also apply to Georgia returns A copy of the Federal return Price Index principles pertaining to execution of the return by an officer and the prior year s income exceeds the lesser of: 1) 5 percent of the procedural sequence of taxable periods provided by production companies is $5 million The credits are allowed on a first come first served basis based on the date the film production company also has the option of selling the tax credit to a Georgia taxpayer A credit claimed but not used in production company s withholding taxes To claim the credit against withholding the production company must file production or sale of tangible personal property and from property both within and outside Georgia Schedules 6 and 7 property having an actual situs or a business situs within the property I R C Section 1400N(d)(1) property in Georgia must file an initial net worth tax return on or property only includes in their receipts factor gross receipts property that is placed into service in Georgia between July 1 2008 and December 31 2014 The aggregate Protest or appeal a liability provide the modifications required by Georgia Law The total provided by an employer to an employee as described in Section 132(f) of the IRC of 1986 For more information provided by the SSO s is confidential provided however that tax credits shall only be allowed provisions for S corporations having one or more stockholders pursuant to O C G A 48 7 40 1 and which qualifies and receives the tax credit under O C G A 48 7 40 1 and which: PV CORP PAYMENT VOUCHER qualified facility on or after July 1 2008 The aggregate amount of tax credits allowed for both the clean energy property Qualified Health Insurance Expense Credit Effective for taxable years beginning on or after January 1 2009 an Qualified Investor Tax Credit This provides a 35% credit for amounts invested in a registered qualified business The qualified restaurant property (allowing buildings to now be included) Qualified Transportation Credit This is a credit of $25 per employee for any qualified transportation fringe benefit qualifies for an exception If the taxpayer qualifies for a full or qualify for this credit For more information refer to O C G A 48 7 40 16 Quality Jobs Credit For tax years beginning on or after January 1 2009 a taxpayer creating at least 50 new quality ratio of gross receipts from business done within this State to ratio) and should not use the ratio computation in reading writing or mathematical skills up to and including the 12th grade or classes to receive a GED certificate Reasons your direct deposit may be rejected If any of the receipts are derived from the sale of tangible personal property receipts shall be deemed to have been derived from business receipts values in its own apportionment formula received from donations for scholarships or tuition received from other intangible property held for investment are receiving a grant from GEFA under O C G A 50 23 21 shall not be eligible to claim this tax credit with respect to the recipients Once the SSO designates obligated revenues recomputed if the provisions of the Federal Acts are claimed refer to O C G A 48 7 29 3 refer to O C G A 48 7 40 22 reflect total balance sheet assets within Georgia and refund of tax paid must be made within three years from the later regardless of any extension for filing the return See page 6 for regardless of which taxpayer the individual performed services for; 4) which pays at or above 110 percent of the Register a new business and receive an account number in 15 Register and add access to accounts register before accessing tax accounts To register you will need: Registration & Licensing Unit 1 877 423 6711 Regulation 560 7 3 13 applicable to consolidated returns Regulation 560 7 4 05 for more information Regulations 560 7 7 03 for specific details related interest expense directly or indirectly paid to a related member All such expense must be listed as an related to such establishment or reallocation Headquarters is defined as the principal central administrative offices of RELATION TO FEDERAL RETURN relevant exempt organization federal return that is filed Remaining NOL request form with your return? Did you check the extension box on Form 600? request preapproval to claim these credits on Forms IT CEP AP For more information refer to O C G A 48 7 29 14 Request: required to be included in the nonresident s income See required to withhold Georgia income tax on amounts that are research credit under Section 41 of the Internal Revenue Code of 1986 For tax years beginning on or after January 1 2009 research expenses under Code Section 48 7 40 12 Research Tax Credit A tax credit is allowed for research expenses for research conducted within Georgia for any business responsible if a financial institution rejects a direct deposit retraining program The credit may be utilized up to 50% of the taxpayer s total state income tax liability for a tax year return return (including extensions which have been granted) For return and failure to pay tax shown on a return cannot exceed 25% return ending March 31 2009 The Georgia taxable net worth return for any credit claimed under this provision A statement from the vehicle manufacturer is not acceptable return must be the same as the Federal return The Federal returns electronically Also a non individual income returns Visit our website at www dor ga gov for more Revenue 1800 Century Center Blvd N E Suite 15311 Atlanta Revenue Commissioner Revenue Office of Tax Policy Suite 15316 1800 Century Blvd revenue received from donations for scholarships Revenue Service Revenue Service prior to January 1 1987 is not required to revenues from donations and obligates them for the revenues in a bank or investment account owned by revenues were designated for specific student recipients review the withholding credit being claimed and notify the business of the approved credit and when and how it may be routing number on your checks rules for farmers casualty losses etc) Also for tax years rules then the Department shall post on its S Corporations filing on Form 600 The correct form is Form 600S unless the nonresident Sales and Use Tax Withholding Tax Film Withholding Account Corporate Income Tax International Fuel same clean energy property If a taxpayer is denied the Clean Energy Property Tax Credit because the credit cap has same project Companies must invest a minimum of $50 000 per project/location during the tax year in order to claim the SB 137 (O C G A 48 7 40 1) The income tax portion Schedule 1 Line 7 The amount of tax must be entered on Schedule Schedule 3 provides for the computation of net tax due or the Schedule 8 Schedule L must be completed on the Georgia copy of the school district municipality or other tax subdivision of any school or program elects not to continue disbursement school or program for the funding of multiyear scholarships school or program shall immediately return the remaining Secretary of State 404 656 2817 Section 125 of the Internal Revenue Code The total amount of the tax credit for a taxable year cannot exceed the Section 1400U 2 of the Internal Revenue Code or any other Section 168(k) Section 172 of the Internal Revenue Code of 1986 as it Section 199) Section 3 clarifies that any tax credits earned for qualified Section 85(c) Sections 172(b)(1)(H) and 810(b)(4) See the Job Tax Credit law (O C G A 48 7 40 and 48 7 40 1) and regulations for further information or refer to the Seed Capital Fund Credit This provides tax credits for certain qualified investments made on or after July 1 2008 self service customer facing portal for making online Individual or Business Tax payments and corresponding September 15 2014 Service regulations services for the elderly and persons with disabilities (only for the jobs credit provided pursuant to O C G A 48 7 40) Services Group at 1 877 423 6711 shall be allocated to the State if the property held is real or shall file a return reflecting the changed or corrected net income shareholder of a Subchapter S corporation or shareholders have not consented to be taxed shareholders of S Corporations and partners of partnerships for should be claimed on Form IT RD For more information refer to O C G A 48 7 40 12 should be used to compute Georgia taxable income should generally be carried back two years (with special software bought after May 4 2007 and placed in service in the Kansas sooner than January 1 1998 The tax credit in addition to the tax credit under O C G A 48 7 40 shall be limited to an sources from property owned or business done within this specified by the Department specified recipients during the years in which the recipients SSO distributes the obligated and designated revenues SSO shall be revoked for any such organization which State State and derived in part from property owned or business state except the State of Georgia or by any territory county State if engaged within this State in any activities or transactions State of Georgia State Otherwise such gains shall be allocated outside the state taxation of some types of retirement income including state territory or foreign country to the extent such taxes are State; whether or not any such activity or transaction is statistics This credit should be claimed on Form IT CA An additional $500 per job is allowed for a business locating statutory laws of any nation or state other than Georgia statutory laws of Georgia A domesticated foreign corporation stock should not be deducted from issued capital stock strongly encourage you to take advantage of this feature I student for all the projected years then the qualified subcontractors for the Revenue Department and general public subject to the passive loss rules and is not able to claim the additional Submit and/or amend returns submitted fails to verify that the SSO obligated its annual such businesses engaged in manufacturing warehousing and distribution processing telecommunications broadcasting such corporation shall be deemed to be doing business in this such investments are likewise not subject to apportionment SupplierMBE aspx support nor recommend any software company Failure to mail your return to the correct address may support or training on such software The credit is calculated at 50% of the direct costs of retraining full time employees taken as a credit against such taxpayer s quarterly or monthly withholding tax To claim the credit against withholding a tangible personal property must include gross receipts from tangible personal property situated in the State or intangible Tax Agreement Individual Income Tax Fiduciary 911 Prepaid Wireless Fee Alcohol and Tobacco Amusement Tax Credit tax credit (also known as the angel investor tax credit) tax credit amounts are as follows for all Tiers: tax credit and the wood residuals tax credit is $2 5 million for calendar years 2008 2009 2010 2011; and $5 million for tax credit For more information refer to O C G A 48 7 40 24 tax credit the eliminated salary and wage deduction should tax credit with the following threshold criteria: TAX CREDITS TAX CREDITS (continued) TAX CREDITS (continued) Tax Credits 16 21 tax credits are claimed Tax Exempt Organization Information 1 877 423 6711 TAX EXEMPT ORGANIZATIONS Tax Exempt Organizations 10 tax liability and any excess credit may be used to offset withholding taxes There is a 10 year carryforward of any unused tax liability for the tax year Recapture provisions apply if the property is transferred or committed to a use other than child tax return must be electronically filed when the federal counterpart tax return must be filed by each subsidiary Visit our website at tax return must file separate income tax returns with Georgia Tax type account number TAXABLE TAXABLE taxable income shown on the Federal return is the basis used to taxable period taxable year The Commissioner of the Department of taxable year Where the amount of such credit exceeds the taxpayer s tax liability in a taxable year the excess may be taxable year; or 2) $5 000 However the income is not taxed if taxable years beginning on or after January 1 2013 except as taxes There is a 15 year carry forward of any unused tax credit For more information refer to O C G A 48 7 40 25 taxing authority and the IRS We welcome your comments taxpayer designated the taxpayer s qualified education taxpayer must add back to Georgia taxable income that part of any federal charitable contribution deduction taken on a taxpayer must file Form IT WH at least 30 days prior to filing the return on which the applicable jobs are claimed or 30 taxpayer s tax liability in a taxable year the excess may be taken as a credit against such taxpayer s quarterly or monthly TAXPAYER SERVICES DIVISION Taxpayer Services Division Director s Office 404 417 2400 Taxpayer Services Division P O Box 49432 Atlanta GA 30359 taxpayer shall receive a scholarship for the direct benefit taxpayer that has operated an existing manufacturing or telecommunications facility in the state for the previous three Taxpayers must apply (use Form OIT APP) and receive approval before they claim the credit on their returns The credit Taxpayers should use Georgia Form 4562 to compute depreciation Taxpayers that remit payments by electronic funds transfer telecommunications broadcasting tourism or research and development industries but does not include retail businesses TELEPHONE ASSISTANCE Telephone Assistance 15 than the manufacture production or sale of tangible personal that create 400 or more new jobs invest $20 million or more in new and expanded facilities and increase their that in exchange for contributing to the SSO a that is not a weekend or a holiday Returns should be mailed that were enacted on or before January 3 2013 For the addition line of the applicable return An adjustment to the Georgia the applicable lines the appropriate box for the type of account Do not check the authority to designate along with the Commissioner the base amount calculation is based on Georgia gross receipts instead of Georgia taxable net income (Note that for tax The business enterprise shall not be authorized to claim both this credit and the port credit provided in O C G A 48 740 15 the cost of such insurance unless this benefit is provided to existing employees For taxpayers that initially claimed this The credit is claimed by filing the appropriate form for the applicable credit (job tax: Form IT CA; investment tax: Form IT The credit may not exceed 50% of the business Georgia net income tax liability after all other credits have been applied in any The credit must be claimed on Form IT OIT For more information refer to O C G A 48 7 40 7 40 8 and 40 9 the deduction to the partners or shareholders the definition of business enterprise is any enterprise or organization which is registered and authorized to use the federal The Department of Revenue as outlined in the Taxpayer Bill The Department of Revenue has given approval to certain software companies to produce tax programs that the DOAS website at http://doas ga gov/Suppliers/Pages/ the Federal acts) should be reported separately to the shareholders the federal Low Income Housing Tax Credit that are placed in service on or after January 1 2001 Credit must be The following instructions apply to two separate taxes on The following percentages of estimated tax shall the gain and the Section 179 deduction Accordingly the gain should the gain from asset sales for which an I R C Section 179 deduction The Georgia Code imposes certain penalties as follows: The Georgia Department of Revenue accepts Visa The Georgia return correlates to the Federal return in most respects The Governor signed House Bill 266 into law Consequently for The income tax portion of House Bill 318 became effective The income tax portion of Senate Bill 137 became effective The income tax portions of House Bill 283 became effective the Internal Revenue Code are considered Build America The net worth tax shall be computed based upon the net worth the other addition line of the return the payment voucher the property The purpose of the gross receipts factor is to measure the The request must be submitted 75 days before the due date of the return (including extensions) Failure to request permission The return is due on or before the 15th day of the 3rd month the return on which the applicable jobs are claimed Once the income tax return is filed the Department has 90 days to The routing number must be nine digits The first two digits THE SECRETARY OF STATE the Secretary of State (SOS) Registration including the fee the short period return the SSO and over which it has complete control the SSO shall require that if the designated student becomes the State to be determined as follows: the statute and obtain an application on the Secretary of State s the statutory due date of the return a late payment penalty of the tax due is 50% The initial net worth return cannot be The tax imposed by Georgia law applies to the entire net income The tax is graduated based on net worth In the case of new the tax to retain its charter A foreign corporation admitted into The taxpayer must get approval as provided in O C G A 48 7 40 30 before claiming the credit This became effective the taxpayers average adjusted basis of the U S obligations the taxpayers of Georgia Our mission is to provide the best the total number of families of scholarship recipients the year of the loss I R C Section 1400N(o) the years following the base year their affiliates which are qualified interactive entertainment production companies shall expire The maximum credit for there is a cap of $1 250 per year per full time employee who has successfully completed more than one approved Thereafter an annual return must be filed on or before the fifteenth This booklet contains the forms and schedules required by This booklet is designed to provide information and assist This credit should be claimed on Form IT FC along with certification from the Film Office of the Georgia Department of This credit should be claimed on Form IT IC and accompanied by the approved Form IT APP For more information refer THIS PAGE INTENTIONALLY LEFT BLANK this State or derives income from sources in this state Every this state; 2) Has a regular work week of 30 hours or more; 3) Is not a job that is or was already located in Georgia This year you can electronically file your corporate return I Tier 1 Tier 1 $ 5 Million 10% Tier 2 Tier 2 $10 Million 8% Tier 3 Tier 3 or 4 Tier 3 or 4 $20 Million 6% Tier 4 Tier Designation tion companies which have at least $500 000 of qualified expenditures in a state certified production may claim this to a qualified school or program annually rather than in to a qualified school or program to be held in accordance to check the extension box will result in assessment of a late filing penalty To close an account to compute Federal taxable income because of a Federal jobs to do business in Georgia must file an annual registration with to Georgia Department of Revenue Processing Center P O to Georgia if the situs of the corporation is in Georgia or the to Georgia taxable income the amount of any federal charitable contribution related to the Georgia conservation tax credit to January 1 2009 may be entitled to a tax credit if the following criteria are met: 1) At least fifty (50) headquarters jobs are to O C G A 48 7 40 2 40 3 and 40 4 To register as a minority subcontractor or to view the list visit to result in a single balance due or overpayment to retail space I R C Sections 168(e)(3)(E)(ix) 168(e)(8) and to the Department to the Department by January 12th must also include to the Internal Revenue Code of 1986 or Internal Revenue to the last day of that month to the return explaining these differences to the satisfaction of the Department contains the required to write checks or total gross receipts from business done everywhere Total subtractions from Federal income should be indicated Total the remaining NOL (Col F) and enter in the space at the bottom of the worksheet for NOL Carry forward tourism or research and development that have increased shipments out of Georgia ports during the previous TP1 For more information refer to O C G A 48 7 29 16 traffic For more information refer to O C G A 48 7 40 15 TREATMENT OF SHORT PERIOD tuition grants shall consider financial needs of students TWO DIMENSIONAL BARCODE RETURNS Two Dimensional Barcode Returns 15 two sections of this bill (Section 1 and Section 3) that Type Code Type Code Type Code U S obligation income must be reduced by direct and indirect under state law a shareholder of a Subchapter S corporation United States unless such business enterprise has increased its port traffic of products during the previous twelve month unless they have prior approval or have been requested to file a until the tax is paid (income tax at 1/2 of 1% per month up to 25% of the tax due; net worth tax at 10%) Also interest unused credit may be carried forward for three years and the credit is limited to 50% of the employer s Georgia income up to $500 per employee per approved retraining program per year For tax years beginning on or after January 1 2009 up to 100% of a taxpayer s state income tax liability for a taxable year In Tier 3 and Tier 4 counties the total credit amount upon its approval by the Governor on April 29 2013 upon its approval by the Governor on May 6 2013 upon its approval by the Governor on May 7 2013 using Form IT 560C Credit for this prepayment should be using this base year average The credit available to the taxpayer in any given year is the lesser of the following amounts: v Are your corporate name address and Federal ID Number entered correctly on the return? v Did you receive an extension of time to file your return? If so did you enclose a copy of the extension v Is the taxable year shown on your return? value and the amount paid to the donor if the donation is effected by a sale of property for less than fair market value up to a vehicle which is equal to 10% of the cost of conversion not to exceed $2 500 per converted vehicle Certification approved verifications the Department shall not preapprove View account balances violates this provision wage of the county that has the lowest average wage of any county in the state Also employers must make health was claimed Georgia follows the separate reporting treatment of website at http://www sos georgia gov/ Annual registration and website the details of such failure to verify Until any such weekend or holiday the return shall be due on the next day well as any organization desiring a Georgia income tax What is Georgia Tax Center? Georgia Tax Center (GTC) is the Department of Revenue s secure WHEN AND WHERE TO FILE When and Where to File 5 WHEN ELECTRONIC FILING IS REQUIRED When receipts are derived from business other than the sale When salaries and wages are reduced on the Federal return When two or more corporations file a consolidated return whenever the corporation is a partner whether limited or whether made directly or by a pass through entity and allocated to such individual shall not exceed $50 000 00 The whether on a mandatory or voluntary basis must file all associated whether or not such individual is a dependent of the taxpayer which the credit was earned Section 3 of House Bill which there is a special exemption under Georgia law from who are nonresidents of Georgia must file consent Form 600S Who Can Sign Up? Any business that pays taxes in the state of Georgia is eligible to use GTC for who fall within each quartile of Georgia adjusted gross who incur a loss shall compute the net operating loss carryover will be assessed at the rate of 12% per annum from the statutory due date until the tax is paid in full Late payment with Georgia with Georgia is the same as that for filing with the IRS with the Department of Revenue with the Department rule for distribution to the with the playing of golf shall not be eligible Taxpayers will be able to claim a credit against their state income tax liability not withholding a business must file Form IT WH at least 30 days prior to filing the return on which the applicable jobs are withholding tax To claim the credit against withholding a business must file Form IT WH at least 30 days prior to filing within 180 days of final determination Mail the return to: Georgia within a county that belongs to a Joint Development Authority per O C G A 36 62 5 1 An existing business enterprise as within the statutory time frame; and that all obligated within this State without attaching a schedule of detailed information worth Instructions for net worth tax begins on Page 8 worth taxable year Net worth is defined to include issued www dor ga gov for instructions concerning proper return www etax dor ga gov for more information including instructions year made to employees who are not authorized employees year may be carried forward for five years from the close of the taxable year in which the cost of the operation was year must be carried back and carried forward in the year on or before September 15 2011 (extended due date for the year port traffic and port traffic include imports and exports of product It allows the credit to any business enterprise YEAR6th MONTH YEAR9th MONTH years beginning before January 1 2009 the base amount must contain positive Georgia taxable net income for all years ) years beginning on or after January 1 2008 See the years beginning on or after January 1 2012 years beginning on or after January 1 2012 (thus it also years beginning on or after January 1 2013 to claim the credit Form IT CONSV the DNR certification the State Property years in years two through six after the creation of the jobs In Tier 1 and Tier 2 counties the total credit amount may offset years then included ratably over five years I R C Section 108(i) years to obtain a credit against income tax liability The credit is calculated on expenses directly related to manufacturing you owe tax mail your return and payment along with the payment voucher to the address you to visit our website at www dor ga gov where you can your direct deposit is accepted Zero Emission Vehicle Credit This is a credit the lesser of 20% of the cost of the vehicle or $5 000 for the purchase or