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Form IT-611S Fillable S Corporation Income Tax Booklet
(all forms fillable on Windows, Mac, Android tablets, and iPad using Adobe Reader XI)
(1) 90% of the excess of the tax of the applicable year determined without regard to any credits over the base year (2) The excess of the aggregate amount of the credit allowed over the sum of the amounts of credit already used in *For a business enterprise that creates a new year one under DCA regulations for any taxable year beginning on or after 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 2008; 1 The definition of a business enterprise now also includes a business or headquarters of a business that provides services 102 Employer s Credit for Approved Employee Retraining The retraining tax credit allows employers to claim certain costs of 103 Employer s Jobs Tax Credit This credit provides for a statewide job tax credit for any business or headquarters of any such 104 Employer s Credit for Purchasing Child Care Property Employers who purchase qualified child care property will re 105 Employer s Credit for Providing or Sponsoring Child Care for Employees Employers who provide or sponsor child 106 Manufacturer s Investment Tax Credit Based on the same Tier Ranking as the Job Tax Credit program It allows a tax 107 Optional Investment Tax Credit Taxpayers qualifying for the investment tax credit may choose an optional investment 118 New Facilities Jobs Credit For business enterprises who first qualified in a taxable year beginning before January 121 Historic Rehabilitation Credit A credit will be available for the certified rehabilitation of a certified structure or historic 125 Qualified Education Expense Credit This provides a tax credit for qualified educational expenses The credit is allowed 126 Seed Capital Fund Credit This provides tax credits for certain qualified investments made on or after July 1 2008 127 Clean Energy Property Credit This provides a tax credit for the construction purchase or lease of clean energy pro 128 Wood Residuals Credit This provides a tax credit for transporting or diverting wood residuals to a renewable biomass 129 Qualified Health Insurance Expense Credit Effective for taxable years beginning on or after January 1 2009 an em 130 form IT WH at least 30 days prior to filing the return on which the applicable jobs are claimed or 30 days prior to the due date 130 Quality Jobs Credit For tax years beginning on or after January 1 2009 a taxpayer creating at least 50 new quality 131 Alternate Port Activity Tax Credit O C G A 48 7 40 15A provides an alternate port tax credit The definitions of base 132 Qualified Investor Tax Credit This provides a 35% credit for amounts invested in a registered qualified business The ag 133 Film Tax Credit for A Qualified Interactive Entertainment Production Company For taxable years beginning during 2013 134 Alternative Fuel Heavy Duty Vehicle and Alternative Fuel Medium Duty Vehicle Tax Credits For fiscal years 2016 and 15 year straight line cost recovery period for certain improvements 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 3 Has a minimum of 8 retail stores in this state in the first year of operations 3 The credit may be claimed against withholding tax for a business enterprise engaged in a competitive project (as certified by 4 The additional $500 00 tax credit for an existing business enterprise is allowed to be claimed in the year the job is 48 7 40 19 5 The additional new full time jobs created in the 4 years after the initial year shall be eligible for the credit 5 year carryback of certain disaster losses I R C Sections 172(b) 5 year carryback of NOLs attributable to Gulf Opportunity Zone 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 50% first year depreciation for post 8/28/2006 Gulf Opportunity 6 The credit must be claimed within 1 year instead of the normal 3 year statute of limitation period A valid email address Additional itemized deduction for the sales tax on the purchase Adjustments to Federal Income 6 Allocation and Apportionment of Income 6 Amount of your last statement and/or credited to estimated tax (on Schedule 4 Line 11)? Any numbers or letters are crossed out or whited out carefully to ensure you list the correct code number For more details about credits and the latest forms visit our website at: Changes the definition of certified structure to Changes the definition of qualified rehabilitation Credits similar to the credits available in Tier 1 counties are potentially available to companies in certain less developed Deferral of debt income from reacquisitions of business debt at a Defines basic skills education test as the test Delinquent filing of a return 5% of the tax not paid by the Department of Revenue Designated Area Minimum Investment Tax Credit Double Check List and Common Errors 17 Electronic Filing Front Cover 5 Eliminates the carry forward provision Estimated Income Tax 10 Extension Information 9 Failure to pay tax shown on a return by the due date 1/2 of Filing Requirements 5 For more information refer to O C G A 48 7 40 27 and 48 7 40 28 For projects earning more than $300 000 in 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 2010 the following changes apply: Fraudulent underpayment 50% thereof General Instructions If you file electronically mail your payment with the PV CORP to the address indicated on Increased ($8 000) first year depreciation limit for passenger automobiles Increases the credit amount from $300 000 INDEX PAGE Legislation 2 3 Make payments for returns and assessments Makes the following changes with respect to a Modified rules for high yield original issue discount obligations Modified rules relating to the 15 year straight line cost recovery for more information refer to O C G A 48 7 29 14 Negligent underpayment of tax 5% thereof Net Worth Tax Instructions 8 New Information 1 New York Liberty Zone Benefits I R C Section 1400L Nonresident Shareholders 10 NOTE: Please do not mail your return and payment separately! If you file a paper return NOTE: The credit type code numbers referenced above are subject to change from year to year Please review the codes notices; Penalties and Interest 7 8 Provides a tax credit for an employer who provides Provides reporting requirements for the earner Provides that a taxpayer must apply for preap Provides that after completion of the program and Provides that an employer must apply for preapproval Provides that in no event shall more than one Provides that the Department shall provide a Provides that the sale of a credit does Provides that the tax credit amount is $400 00 Provides that this tax credit (Code Section) shall Qualified Subchapter S Subsidiary 8 refer to O C G A 48 7 40 17 Register a new business and receive an account number in 15 Register and add access to accounts Request: S corporation in existence prior to January 1 2008 the consent S corporations Such nonresidents will only need to file a single Special rules relating to a financial institution being able to use Special rules relating to Gulf Opportunity Zone public utility casualty Specifies that a credit earned or purchased Specifies that tax credits earned by a taxpayer Submit and/or amend returns tax credit and the wood residuals tax credit is $2 5 million for calendar years 2008 2009 2010 2011; and $5 million for Tax Credits 11 16 Tax type account number taxpayer may claim the credit in years one through five for new quality jobs created in year one and may continue to claim Taxpayers must apply (use Form OIT APP) and receive approval before they claim the credit on their returns The credit Telephone Assistance 9 Temporary tax relief provisions relating to the Midwestern disaster The business enterprise shall not be authorized to claim both this credit and the port credit provided in O C G A 48 7 40 15 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 credit on the appropriate tax return A taxpayer may not claim the job tax credit or the optional investment tax credit when 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 This credit should be claimed on Form IT IC and accompanied by the approved Form IT APP For more information Tier 1 1 through 71 5 or more $3 500 Tier 1 5% 8% Tier 2 $10 Million 8% Tier 2 3% 5% Tier 2 72 through 106 10 or more $2 500 Tier 3 107 through 141 15 or more $1 250 Tier 3 or 4 $20 Million 6% Tier 4 142 through 159 25 or more $750 Tier Designation County Rankings New Jobs Created Credit Amount Tier Location Tax Credit Credit for Recycling Pollution Control or Defense Conversion Activities Two Dimensional Bar Code Forms 5 Underpayment of estimated tax see IT 611 Instructions View account balances When and Where to File 5 without including a schedule of detailed information You request a deposit of your refund to an account that is 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 $10 million for an individual certified structure $100 00 x 3/12 = $25 00 net worth tax due $25 000 and the related phase out is $200 000 Georgia has not (1) Interest received on bonds held for investment and income (1)(J) and 172(j) (100% ratio) and should not use the ratio computation (3) Net income of the above classes have been separately (a) Gross Receipts Factor The gross receipts factor is the (A)(i) (the definition of qualified property) I R C Section 168(k)(2) (b) Apportionment of Income: Business Joint Ventures and (both numbers and letters) Include hyphens but omit spaces (COAM) Motor Fuel and Sales Tax Contractor Licensing Bonding (D)(i) (exceptions to the definition of qualified property) and I R C (Federal Schedule L) of the corporation and covers the (Federal Taxable Income for non individuals) that (see page 1 for Federal tax changes) The accounting period 1 1998 The tax credit in addition to the tax credit under O C G A 48 7 40 shall be limited to an amount not greater than 1 2009 $450 million in qualified investment property must be purchased for the project within a six year period The 1 Incorrect addresses and Federal ID Numbers 1 When property is sold for which the bonus depreciation was 1% of the tax due for each month or fractional part thereof 1/2 of 1% per month (up to 25%) will accrue until the tax is paid 100% bonus depreciation rules) except for I R C Section 168(k)(2) 101 Employer s Credit for Basic Skills Education Businesses which provide or sponsor basic skills education that enhances 108 Qualified Transportation Credit This is a credit of $25 per employee for any qualified transportation fringe benefit 109 Low Income Housing Credit This is a credit against Georgia income taxes for taxpayers owning developments receiv 110 Diesel Particulate Emission Reduction Technology Equipment This is a credit given to any person who installs diesel 111 Business Enterprise Vehicle Credit This credit is for a business enterprise for the purchase of a motor vehicle used 112 Research Tax Credit A tax credit is allowed for research expenses for research conducted within Georgia for any 113 Headquarters Tax Credit Companies establishing their headquarters or relocating their headquarters to Georgia prior 114 Port Activity Tax Credit (Use 114J for Port Activity Job Tax Credit and 114M for Port Activity Investment Tax 115 Bank Tax Credit All financial institutions that conduct business or own property in Georgia are required to file a 116 Low Emission Vehicle Credit This is a credit the lesser of 10% of the cost of the vehicle or $2 500 for the purchase 117 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 119 Electric Vehicle Charger Credit This is a credit for a business enterprise for the purchase of an electric vehicle charger 120 New Manufacturing Facilities Property Credit This is an incentive for a manufacturer who has operated a manufactur 122 Film Tax Credit (use code 133 if the credit is for a Qualified Interactive Entertainment Production Company) Pro 124 Land Conservation Credit This provides for an income tax credit for the qualified donation of real property that qualifies 15th if filing on a calendar year basis If the due date falls on 168(b)(3)(I) 179 deduction charitable contributions etc are not deductible 1800 CENTURY BLVD NE 8TH FLOOR 1986 Recovery Zone Economic Development Bonds under 2 Failure to indicate proper tax year end 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 2009; the definition of business enterprise is any enterprise or organization which is registered and authorized to use the 2013 2014 and 2015 the credits are allowed on a first come first served basis based on the date the film tax credits are 2014 2015 2016 2017 and 2018 The taxpayer must get approval as provided in O C G A 48 7 40 30 before claiming 2015 Legislation 2015 Legislation (continued) 2015 qualified only in cases of nonresident shareholders who 2016 the aggregate amount of conservation tax 2017 (fiscal years ending June 30 2016 and June 30 2017 respectively) this provides an income tax credit for a taxpayer 25% of the tax not paid by the original due date 3 Incomplete Georgia return referencing schedules that were not submitted with the return 3 Line 6) 3 Other Federal items that are computed based on Federal Adjusted 31 2021 (specifies that if these changes are repealed 4 500 jobs For tax years beginning on or after January 1 2012 the job creation requirement is extended if certain 4 Claiming prepayments remitted under another name Federal ID Number or taxable period 40 16 The low emission vehicle tax credit was repealed and cannot be claimed for vehicles purchased or leased on or 40 17 40 26 45 days of receipt Preapproval will be based on 4562 and attach it to the Georgia return This should be entered on 47(c)(2) of the Internal Revenue Code of 1986 48 7 29 12) This bill repeals Code Section 48 5 Failure to include business credit schedules and withholding Forms G2 A and G 2RP 50 percent of the taxpayer s state income tax liability which is attributable to income derived from operations in this state for 50% of a taxpayer s state income tax liability for a taxable year In Tier 1 counties and less developed census tracts only 50% of the taxpayer s total state income tax liability for the taxable year Any credit claimed but not used in any taxable 6 Failure to include a Form 600S CA Consent Agreement for each nonresident shareholder 600S A copy of the Federal Form 1120S or federal audit 7 40 10 qualified water conservation investment 740391 Atlanta Georgia 30374 0391 a business enterprise; (2) the business enterprise must meet the job creation requirement and either the qualified invest a certification from the Department of Natural Resources before requesting preapproval For more information refer to a company or a subsidiary of the company The credit is available for establishing new full time jobs To qualify each job 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 will be considered to own property in Georgia A Depreciation must be computed one way for Federal purposes A dormant corporation must file a net worth tax return and pay A fast simple safe secure way to have your refund deposited a Federal extension use Form IT 303 to request a Georgia a first come first served basis The aggregate amount of the tax credit allowed to all taxpayers cannot exceed $2 5 million A new domestic or foreign corporation doing business or A nonresident who receives deferred compensation or income A resident shareholder is required to report the full share of a return and failure to pay tax shown on a return cannot exceed a taxable year made to employees who are not authorized A taxpayer having a Federal extension must prepay the Georgia A taxpayer having an extension must also prepay the Georgia A taxpayer must addback payments of more than $600 in a weekend or holiday the return shall be due on the next day A zero emission vehicle is a motor vehicle which has zero tailpipe and evaporative emissions as defined under rules and able A low emission vehicle is defined as an alternative fuel vehicle and does not include any gasoline powered vehi accordance with rules and regulations promulgated accordingly at the individual level If your S Corporation must pay estimated tax at the corporate level see the Estimated Income account The account number can be up to 17 characters Accuracy Security Paperless More Features act it is not necessary to make a separate adjustment for each act): activities (IRC Section 199) This adjustment should be acts (as they relate to the computation of Federal Adjusted Gross additional $500 per job is allowed for a business locating within a county that belongs to a Joint Development Authority per additional research expense over the base amount provided that the business enterprise for the same taxable year Additionally the provisions listed above may have an indirect effect additions and subtractions as provided by Georgia law are address on Page 3 of Form 600S adjusted basis of the U S obligations and the denominator adjustment is allowed in order to avoid double taxation on this adjustments due to other Federal tax changes should be reported Adjustments for the items listed below should be added or subtracted adjustments must be attached The amended return should ADJUSTMENTS TO FEDERAL INCOME OF SHAREHOLDERS adopted the Section 179 deduction for certain real property Adult Education The Office of Adult Education after January 1 2014 (thus it also includes the 2015 after July 1 2015 after receiving preapproval from the Department age number of full time employees at the certified agencies that are eligible to offset an individual agreement among the partners members or Agreement Individual Income Tax Fiduciary 911 Prepaid Wireless Fee Alcohol and Tobacco Amusement agreement must be filed for each shareholder in the first Georgia All corporations filing a short period income and/or net worth All corporations that own property do business in Georgia or All expenses connected with the interest and rentals from such All Georgia corporations and foreign corporations that qualify allocated and deducted the remainder of the net business income ALLOCATION AND APPORTIONMENT OF INCOME allocation For more information refer to O C G A 48 7 29 6 allow the Federal deduction for income attributable to domestic AMENDED RETURNS amount of such credit exceeds the taxpayer s tax liability in a taxable year the excess may be taken as a credit against amounts are as follows for all Tiers: An additional job tax credit of $1 250 per job; investment tax credit of 5%; or optional amounts of qualified investment property are purchased After an affirmative review of their application by a panel the An authorized employee is someone legally allowed to work in an extension for more than six months from the due date of and 48 7 27 of the Georgia Code thereunder all nonresident shareholders must execute an agreement on Form 600S CA and a check will be sent: and Adult Education at 404 253 2800 or visit their website This credit should be claimed on Form IT RC with Program Com and another way for Georgia purposes To compute depreciation for and business done within the State to be determined as follows: and claimed in accordance with provisions of any and everywhere This includes all intangible assets reflected and is applicable to certified rehabilitations and is filing its final income tax return is not required to file a and method for the Georgia return must be the same as on the and previously claimed but not used by such tax and special symbols Enter the number from left to right and and suggestions on how to better accomplish that mission and the regulation or the Department of Natural Resources website and the taxpayer must add back to Georgia taxable income the amount of any federal charitable contribution related to the and whether sufficient funds are available and you owe tax mail your return and payment along with the payment voucher to the annual consent filing requirement for nonresident shareholders of 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 any amount to the Georgia Student Finance Commission Any deductions subject to further limitations such as a Section any software company Returns with a 2D barcode should be application for any individual certified structure applies only to S Corporations which have converted from a apportioned and allocated income are listed below If the business appropriate box for the type of account Do not check more are available on our website at http://dor georgia gov are created; and 2) within one year of the first hire $1 million is spent in construction renovation leasing or other cost are not subject to apportionment Rentals received from real are subject to offset of their state tax refund in are taxed based upon the portion of net worth employed area I R C Sections 1400N(f) and 1400N(k) arrive at such reduction the total interest expense is multiplied as a substitute for form IT 560C Failure to properly complete and as conservation land Property donated to increase building density levels or property that will be used or is associated as explained on Page 5 as stated on Page 1 of the instructions U S obligation income as the angel investor tax credit) to qualified as the base assessed until the tax is paid (income tax at 1/2 of 1% per at 12% per annum is due on delinquent payments from the at http://dor georgia gov ates which are qualified interactive entertainment production companies shall not exceed $25 million Such cap for taxable ATLANTA GEORGIA 30345 3205 Atlanta Georgia 30359 1432 Further if the changes result in a attributable to domestic production activities) attributable to this State s marketplace authority obligations are separate from any filings with the automatic six (6) month extension to file his Federal income automatically to your checking or savings account Check the available for investments made in 2011 2012 2013 2014 2015 2016 2017 and 2018 The credit is claimed 2 years later available This credit should be claimed on Form IT RHC The credit changes significantly for certified structures (other available to businesses of any nature including retail businesses in counties recognized and designated as the 40 least dev available to employees filling the new full time jobs Employers are not however required to pay all or part of the cost of such average; or B Depreciation must also be computed for Georgia purposes Taxpayers barcode A list of these companies is available on our website barcode returns; however we neither support nor recommend Based on net worth including issued capital stock paid in surplus and earned surplus (Schedule 3 Line 4) Based on net worth including issued capital stock paid in surplus and earned surplus employed within Georgia (Schedule basic skills education program consisting of at basic skills education tax credit and is applicable be allocated to the State if the property held is real or tangible be applied against the investment income The net investment be approved in any 120 month period be claimed on Form 600S Schedule 4 Line 2 If tax is not paid be entered on the other subtraction line of the return be incurred be listed as an addition to federal income even if the taxpayer be mailed to Georgia Department of Revenue Processing be repealed on January 1 2020 be taxed based upon total net worth because Georgia has its own standard deduction been derived from business done in this State if they were before January 1 2012 the job has no predetermined end date The credit amount varies depending upon the pay of the before the class is taken) The Department before the Department of Economic Development issues its approval to the qualified interactive entertainment production being claimed and notify the production company of the approved credit and when and how it may be claimed The pro being compensated at their normal rate of pay and between January 1 and April 1 The Secretary of State will bill is applicable to taxable years beginning on or bond treated as a Qualified Bond under Section 6431(f) of the Bonds under Section 54AA of the Internal Revenue Code of Booklet for more information both activities in its receipts factor business done in this State if they were received from products business engaged in manufacturing warehousing and distribution processing telecommunications broadcasting tourism or business enterprise is rewarded with the new job tax credit The credit is $5 250 per job created The credit offsets income business or headquarters of any such business engaged in manufacturing warehousing and distribution processing business or own property in Georgia (other than through the business other than the manufacture production or sale of Business Partnerships A Corporation or partnership that is but the gain along with any Georgia adjustment to the gain (due to by a fraction the numerator of which is the taxpayer s average by multistate S Corporations by or assigned to a partnership limited liability by the Commission by the Commission including repayments and refunds by the individual shareholder on his or her individual tax return by the Internal Revenue Service no late filing penalties will by the statutory due date of the return a late payment penalty of C Corporation and are subject to corporate income tax due to calendar year calendar years 2008 2009 2010 2011 and $5 million for calendar years 2012 2013 and 2014 A person receiving a calendar years 2012 2013 and 2014 Taxpayers must request preapproval to claim this credit on Form IT WR AP For 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 carried forward for 10 years For a copy of the Retraining Tax Credit Procedures Guide contact the Department of Technical carried forward for ten succeeding years The Department of Natural Resources will certify that such donated property is carryback to 3 4 or 5 years for tax years 2008 and 2009 I R C ceive 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 census tracts in the metropolitan areas of the state Note that average wages for the new jobs must be above the average centage increase in port traffic will be calculated using 75 net tons five containers or 10 TEU s as the base Companies Center P O Box 740391 Atlanta Georgia 30374 0391 certain authorities or agencies of the State of Georgia for which Certificate of Authority by reviewing O C G A 14 2 1501 certification the State Property Commission s determination and the appraisal must be attached to the income tax return; certified structure (other than a historic home): charged for late payment of tax choose either the regular or optional investment tax credit Once this electionl 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 taxable years beginning in 2016 through 2018 the qualified interactive entertainment production company must claimed if the low and zero emission vehicle credit was claimed at the time the vehicle was purchased For more infor claimed on Form IT BE For more information refer to O C G A 48 7 41 The credit changes significantly for tax years be claimed on Form IT HC and accompanied with Federal Form K 1 from the providing entity and a schedule of the building 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 this credit for the same project Companies must invest a minimum of $50 000 per project/location during the tax claims and is allowed a research credit under Section 41 of the Internal Revenue Code of 1986 For tax years begin CLAIMS FOR REFUNDS claims the credit must be subject to Georgia tax cles (i e hybrids) A low speed vehicle does not qualify for this credit For more information refer to O C G A 48 7 Code Section 48 7 29 8 historic rehabilitation Code Section 48 7 40 11 tax credit for shift from collected in the prior calendar year and the aver Commissioner COMMON ERRORS THAT DELAY REFUNDS AND company for the qualified production activities related to interactive entertainment the qualified interactive entertainment pro company Subchapter S corporation or other 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 completed on or after January 1 2017 The bill completed) For applications on projects over Composite Returns 1 877 423 6711 computation of Federal Adjusted Gross Income COMPUTATION OF TAX computed in Schedule 2 To compute the ratio the property computed in Schedule 7 should be used to compute Georgia computed on Schedule 9 Line 7 should be multiplied by the percentage of stock owned The result of this calculation COMPUTING GEORGIA TAXABLE INCOME consent agreement will also need to be filed in any subsequent consent in the year in which the Subchapter S corporation is first CORP If you file electronically mail Form PV CORP with your corporate income or loss A nonresident shareholder however CORPORATE PARTNERS OF PARTNERSHIPS Corporation election attach a properly completed Form 600S CA for each nonresident shareholder to Form 600S when it CORPORATION ESTIMATED INCOME TAX Corporation Forms/General Information 1 877 423 6711 corporation nor for sale in the regular course of business shall corporation or association created or organized under the Corporation Refund Inquiry 1 877 423 6711 corporation s allocated and apportioned income from the schedules on Form 600S The Georgia net income of nonresidents corporation s taxable period corporation to Georgia or to another state(s) Corporation/Net Worth Tax Information 1 877 423 6711 corporations are taxed based upon total net worth corporations If you need forms we encourage you to visit our corporations partnerships LLCs and nonresident withholding corporations this is the beginning net worth Thereafter CREATE ASSESSMENTS 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 credit Certification must be approved through the Georgia Department of Economic Development The credit is equal to Credit for the prepayment should be claimed on Form 600S credit shall be $0 00 for any vehicle purchased credit This credit should be claimed on Form IT CONSV The taxpayer beginning January 1 2012 has the option of sell Credit) For taxable years beginning before January 1 2010 businesses or the headquarters of any such businesses credits and investment tax credits The credit is claimed by filing the appropriate form for the applicable credit (job tax: credits may also be taken against a company s income tax withholding To claim the credit against withholding a business credits provides that in no event shall the aggre credits shall not exceed $30 million per calendar customer service and operational performance of any state date of either: payment of the tax or the due date of the income date the project is eligible for credits up to debts owed to the Georgia Lottery Corporation declared after 2007 I R C Section 168(n) deductible health plan as defined by Section 223 of the Internal Revenue Code The qualified health insurance must be deduction directly but instead passes through the information deduction for sales tax on the purchase of a new vehicle in 2009 deduction taken on a federal return for which a credit is allowed Taxpayers must request preapproval to claim this credit DEFERRED COMPENSATION delinquent payment is 10% of tax due In addition interest Department of Administrative Services maintains a list of certified Department of Corrections and State Board of Par DEPARTMENT OF REVENUE deposited to an individual account The State of Georgia is 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 depreciation on the Federal return derive income from Georgia sources are required to file a Georgia different from the one at which you have your checking DIRECT DEPOSIT Fast Refunds! Choose Direct Deposit direct deposit is accepted DIRECT DEPOSIT OPTION discount in 2009 and 2010 which is federally deferred for up to five discussed below Georgia has adopted the provisions of all federal district individually listed on the National Register do business in Georgia or have income from Georgia sources do business or own property in Georgia (other than through the DOMESTIC AND DOMESTICATED FOREIGN CORPORATIONS Domestic corporations and domesticated foreign dons and Paroles to the Department of Community dor ga gov DOUBLE CHECK duction companies which have at least $500 000 of qualified expenditures in a state certified production may claim this duction company also has the option of selling the tax credit to a Georgia taxpayer A credit claimed but not used in any duction company must certify to the Department of Revenue that it maintains a business location physically located in Geor due and date of the return if earlier Once the income tax return is filed the Department has 120 days to review the withhold due date until the liability is paid in full due if the return is being amended due to an IRS audit; check early January Foreign corporations (those formed in a state education test or $1 200 00 for each employee election to forego the net operating loss carryback period electricity provided the electricity is not generated by an on board combustion device A low speed vehicle does not ELECTRONIC FILING Electronic Funds Transfer 1 877 423 6711 electronically request preapproval to claim this credit through the Department s Georgia Tax Center Taxpayers must have eloped counties employee who has successfully completed more than one approved retraining program The credit may be utilized up to 50% employees and who are not excepted by O C G A 48 7 21 1 employer s income tax liability The qualified health insurance premium expense must equal at least $250 annually Employer Withholding Information 1 877 423 6711 energy property If a taxpayer is denied the Clean Energy Property Tax Credit because the credit cap has been reached engaged in manufacturing warehousing and distribution processing telecommunications broadcasting tourism or re enrolled for twelve consecutive months in a qualified health insurance plan Qualified health insurance means a high entered on the addition line of the applicable return An adjustment entertainment production companies through tax er is a credit against taxes equal to 6 percent of the cost of all qualified investment property purchased or acquired The er made directly or by a pass through entity and allocated to such individual shall not exceed $50 000 00 The credit is er operating systems except a retraining tax credit shall be allowable for those providing support or training on such software estate held purely for investment purposes and not used in the 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 Exceptions excess amount be assigned sold or transferred to any other taxpayer For taxable years beginning in 2014 through 2018 Excess Net Passive Investment Income Capital Gains or Built Excess research tax credit earned in taxable years beginning on or after January 1 2012 may be used to offset with exclusively to provide transportation for employees In order to qualify a business enterprise must certify that each ve expectancy of the person or at least 10 years An employer expenditure to state that it means any qualified Express MasterCard and Discover credit cards for payment of: extension box will result in assessment of a late filing penalty extension if necessary EXTENSION INFORMATION FOR CORPORATIONS extension of time for filing does not affect any interest or penalty extension request form with your return? Did you check the extension box on Form 600S? factors will reflect total balance sheet assets within Georgia Failure to attach a copy of the Federal extension will result Federal acts mentioned above should be treated as follows (If the Federal deduction for income attributable to domestic production federal employment verification system known as E Verify or any successor federal employment verification system and 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 A complete copy of the Federal return and all Federal return even if it is not required for Federal purposes FEDERAL SCHEDULE L REQUIREMENT FEDERAL TAX CHANGES Federal taxable income or Federal adjusted gross income 10% fied interactive entertainment production company claims the film tax credit The amount in excess of this limit is not eligible fifteenth day of the third month following the beginning of the File Form 600S and pay the tax electronically Visit our website http://dor georgia gov for more information filed with the production company s income tax return to claim the credit For more information refer to O C G A 48 7 FILING REQUIREMENTS Finally it provides that beginning on January 1 following apply your direct deposit request will be rejected following the close of the taxable year This would be March foot equivalent units (TEU s) during the previous 12 month period are qualified for increased job tax credits or invest For a complete list of features visit GTC and click on the What can I do inside GTC button https://gtc for a Georgia extension if he applies for and receives an for a Qualified Subchapter S Subsidiary (QSSS) However the for any taxable year beginning on or after January 1 2009 the following apply: for carry forward to the succeeding years tax liability nor shall such excess amount be eligible for use against the qualified For donations in taxable years beginning on or after January 1 2013 to claim the credit Form IT CONSV the DNR for each employee who passes the basic skills for each new full time job provided all conditions are met For taxpayers that create a new year one under DCA regulations for each taxpayer claiming the credit for a certified For Georgia residents income on most S Corporations flows through to the individual shareholders and estimated tax is paid For income tax purposes Georgia follows the Federal For income tax purposes Georgia follows the Federal treatment For more information refer to O C G A 48 7 29 7 For net worth tax purposes a domestic corporation is a For net worth tax purposes a foreign corporation is a For tax years beginning on or after January 1 2003 a claim for for the elderly and persons with disabilities (only for the jobs credit provided pursuant to O C G A 48 7 40) for the portion of income on which tax was actually paid by the for the taxable year to be eligible for the credit See the Job Tax Credit law (O C G A 48 7 40 and 48 7 40 1) and regula for this purpose FOREIGN CORPORATIONS 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 IT CA; investment tax: Form IT IC or optional: Form IT OIT) with the tax return and providing a statement with Form IT CR is filed or the aggregate annual member s share of the taxable income sourced to Georgia is less than $1 000 00 Form IT FC along with certification from the Film Office of the Georgia Department of Economic Development must be forms and obtain up to date tax information and news from formula forward to the last day of that month FREQUENTLY ASKED QUESTIONS Frequently asked questions regarding S corporations from activities which constitute the company s regular trade from Georgia A corporation with a deficit net worth will pay the from tangible property in Georgia shall be allocated to Georgia FROM THE COMMISSIONER from the exercise of stock options that were earned in Georgia Furthermore in 2003 the IRS started requiring separate reporting gain and the Section 179 deduction Accordingly the gain should gardless of which taxpayer the individual performed services for; 4) which pays at or above 110 percent of the average gate amount of tax credits exceed $25 million per GENERAL INFORMATION: INCOME TAX GENERAL INFORMATION: INCOME TAX (continued) GENERAL INFORMATION: NET WORTH TAX General instructions for computing the apportionment ratio and Georgia apportionent ratio shall be computed by applying Georgia conservation credit For donations made on or after January 1 2016 the aggregate amount of tax credits shall Georgia counties are re ranked annually based on updated statistics This credit should be claimed on Form IT CA An Georgia Department of Revenue Processing Center P O Box 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 no separate form for filing an amended return Georgia has not adopted I R C Section 168(k) (the 30% 50% and Georgia law recognizes an election to file as an S Corporation Georgia must file a net worth tax return until it has withdrawn Georgia net worth tax is computed as follows: Tax per scale Georgia purposes and attach it to the Georgia return This should Georgia resident shareholders of Subchapter S Corporations Georgia S Corporation return is not required if the S Corporation Georgia Tax Center Georgia tax return for any reason other than filing an initial Georgia taxable net income for all years ) The credit may not exceed 50% of the business Georgia net income tax Georgia W 2 reported payroll within the six year period The business enterprise can receive credit up to a maximum of gia and that it had expended a total aggregate payroll of $500 000 00 or more for employees working within Georgia during ginning on or after January 1 2016 Please see the regulation for more information Governor grant from GEFA under O C G A 50 23 21 shall not be eligible to claim this tax credit with respect to the same clean gregate amount of credit allowed an individual person for one or more qualified investments in a single taxable year wheth Gross Income or Federal Taxable Income will have to be recomputed ground water usage on December 31 2016 GTC Features has not adopted I R C Section 199 (federal deduction for income 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 to be new jobs to Georgia An application is filed which a panel must approve The benefit awarded to a manufactur having an actual situs or a business situs within the State HB 1151 passed in the 2008 Legislative Session changed the HB 170 (O C G A 48 7 40 16) The income tax HB 237 (O C G A 48 7 40 30) This bill extends HB 275 (O C G A 48 7 161) This bill allows HB 292 (O C G A 48 1 2) This bill adopts certain HB 308 (O C G A 48 7 29 8) This bill amends HB 310 (O C G A 48 7 161) This bill changes HB 320 (O C G A 20 3 236) The income tax HB 339 (O C G A 48 7 40 26) This bill extends HB 464 (O C G A 48 7 40 10 48 7 40 11 and HB 63 (O C G A 48 7 41) This bill amends the hicle carries an average daily ridership of not less than four employees for an entire taxable year This credit cannot be holding as provided in the research tax credit regulation This credit should be claimed on Form IT RD For more 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 https://gtc dor ga gov First time users must However if the shareholder has a properly executed 600S CA withholding is not due provided the shareholder reports the http://dor georgia gov I also recommend that you review the New Information I R C Section 168(e)(3)(B)(vii) I R C Section 168(e)(7) I R C Section 168(m) I R C Sections 163(e)(5)(F) and 163(i)(1) I strongly encourage you to take advantage of this feature If a Federal audit results in a change in taxable income the If an extension was granted but the tax was not paid by If an S Corporation is required to pay tax at the federal level If any corporation domestic or foreign does business or owns if the partnership or S Corporation is not allowed the Section 199 if the passenger automobile is qualified property I R C if the provisions of the Federal Acts are claimed If the taxpayer qualifies for a full or partial exception Form If you owe taxes mail your return and payment with Form PV in 2013 2014 2015 2016 2017 2018 2019 and 2020 respectively The aggregate amount of tax credits allowed is $10 in a partnership which owns property or does business in Georgia in a prior year is required to pay tax on the income but only if in a tier two or three county established pursuant to O C G A 48 7 40 and in a less developed area established pursuant to in calendar years 2012 2014 must be taken in four equal installments over four years Taxpayer must request preapproval in Capital Gains This income would be apportioned to Georgia in Schedule 2 in the assessment of late filing penalties! If you do not need in the calculation of total income for Georgia purposes These in the short period return in the state certified production There are special calculation provisions for production companies whose average in this state; 2) Has a regularwork week of 30 hours or more; 3) Is not a job that is or was already located in Georgia re include that it is located within a national historic included in the Schedule 8 computation Lines 8 and 10 of Income (AGI) or federal taxable income for non individuals) that income and pays the tax Permission to file a composite return is not required To ensure Georgia s recognition of your S income as computed in Schedule 9 (see Federal Tax Changes income from intangible property shall be allocated to Georgia if income from the federal return which is taxable to the individual income of the corporation is derived from Georgia sources from income received by the person in all places during the current Income Tax Forms 1 877 423 6711 income tax return (Please round all dollar entries ) incurred This credit should be claimed on Form IT CCC75 For more information refer to O C G A 48 7 40 6 Individual Income Tax Return Information 1 877 423 6711 individual taxpayer s state income tax refund for information refer to O C G A 48 7 40 12 information refer to O C G A 48 7 40 16 information refer to O C G A 48 7 40 6 ing claimed and notify the business of the approved credit and when and how it may be claimed For more information ing credit being claimed notify the business of the approved credit and when and how it may be claimed A credit claimed but ing facility in this state for at least 3 years and who spends $800 million on a new manufacturing facility in this state ing the credit to a Georgia Taxpayer For more information refer to O C G A 48 7 29 12 and Regulation 560 7 8 50 ing the federal Low Income Housing Tax Credit that are placed in service on or after January 1 2001 Credit must be INITIAL FILING AND DUE DATES institution for the correct routing number to enter if: INSTRUCTIONS FOR NONRESIDENT SHAREHOLDERS insurance unless this benefit is provided to existing employees For taxpayers that initially claimed this credit for any taxable interactive entertainment production company s quarterly or monthly payment under Code Section 48 7 103 nor shall such Interest accrues at the rate of 12% per year on all unpaid tax from interest due for the respective taxes and enter the amounts interest or penalty charge for late payment of tax interest will be assessed at the rate of 12% per annum from Internal Revenue Code are considered Build America Bonds Internal Revenue Service INTRODUCTION investment tax credit is calculated based upon a three year tax liability average The annual credits are then determined investment tax credit of 10% Companies that create 400 or more new jobs invest $20 million or more in new and ex investments are likewise not subject to apportionment but must investments made in 2016 2017 and 2018 involved in a business joint venture or is a partner in a business is a foreign corporation which has agreed under the provisions is engaged in or carrying on any business activities within this state Retail businesses are not included in the definition of is filed even if a composite return has been filed Please see Page 5 for details as to when and how often the 600S CA is is not allowed the Section 199 deduction directly but instead is reasonably attributable to Georgia sources and property owned is required to report only the share of allocated and apportioned is required to withhold Georgia income tax on any amounts IT 611S IT Addback must be completed in order to take a subtraction it is the net worth on the first day of the corporation s net it may be required to pay tax at the state level Schedule 1 it requires preapproval for such companies and 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 items are deductible based on the percentage of ownership 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 2009 approved retraining shall not include any retraining on commercially mass produced software packages for January 1 2012 in tier 1 counties the business enterprise must increase employment by 2 or more new full time jobs January 1 2016 This bill: 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 Kansas Disaster Area I R C Section 1400N(d)(1) LATE PAYMENT PENALTY 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 least 40 hours of training while the employee is leave any unused boxes blank less than six months the tax due is 50% The initial net liability after all other credits have been applied in any one year Any unused credit may be carried forward 10 years lion for taxable years beginning in 2013 1 5 million for taxable years beginning in 2014 through 2018 The film tax credit for 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 losses I R C Section 1400N(j) losses I R C Section 1400N(k) Lynnette T Riley made available to all employees and compensated individuals of the employer pursuant to the applicable provisions of mail the PV CORP could result in delayed or improper posting mailed to the address indicated by the software program makes certain other changes for such companies manufacturer must also create at a minimum 1 800 new jobs within a six year period and can receive credit for up to a mation mation refer to O C G A 48 7 40 22 maximum of 3 300 jobs For business enterprises who first qualify in a taxable year beginning on or after January 1 May 3 2007 I R C Section 1400N(k) May 4 2007 Kansas storms and tornadoes in the fifth tax year before may be carried forward and does not increase the may be claimed for 10 years provided the qualifying property remains in service throughout that period A taxpayer must may make an adjustment to Federal adjusted gross income for ment requirement $450 million qualified investment property or the payroll requirement $150 million in total annual of ment tax credits NOTE: Base year port traffic must be at least 75 net tons five containers or 10 TEU s If not the per million for investments made in calendar years 2011 2012 and 2013; and $5 million for investments made in calendar years million per calendar year; and that no single employer million per tax year The taxpayer must add back to Georgia taxable income that part of any federal charitable contribution minimum tax of $10 00 A corporation that has been liquidated minoritysubcontractors for the Revenue Department and general minutes! month after incorporation or qualification The initial net month up to 25% of the tax due; net worth tax at 10%) Also month Years ending on the 16th day or later are moved more than 10% over their 1997 base year port traffic or by more than 10% over 75 net tons five containers or ten 20 more than 10% they would qualify NOTE: Base year port traffic must be at least 75 net tons five containers or 10 mum credit of $250 000 per individual and 500 000 per corporation and $500 000 per partnership However the part must be 01 through 12 or 21 through 32 Ask your financial must be attached to the employer s income tax must be claimed within 1 year instead of the normal 3 year statute of limitation period Credits claimed but not used may be must be electronically filed when the federal counterpart of such must be reduced by direct and indirect interest expense To must complete Form 600S CA It also provides for the imposition must file Form IT WH at least 30 days prior to filing the return on which the applicable jobs are claimed or 30 days prior to the must file separate net worth tax returns If the parent is must meet Business Expansion and Support Act (BEST) criteria for the county in which they are located The tax credit must pay a salary which is a stated percentage of the average county wage where the job is located: Tier 1 counties at must preapprove or deny the application within Nathan Deal needed to compute the deduction to the partners or shareholders ners of the partnership are subject to the per individual and per corporation limits The amount of the credit used in any net income within 180 days of final determination The return net overpayment of the two taxes Compute any penalty and NET TAX DUE OR OVERPAYMENT net worth tax return nor is it entitled to a refund of previously NET WORTH TAX TABLE NEW INFORMATION new quality jobs The credit must be claimed within 1 year instead of the normal 3 year statute of limitation period The newly created new quality jobs through year seven and claim the credit on each of those new quality jobs for five years ning on or after January 1 2009 the base amount calculation is based on Georgia gross receipts instead of Georgia ning on or after January 1 2019 For taxable years beginning in 2014 through 2018 no qualified interactive entertainment Nonresident shareholders of corporations doing business both within and without Georgia shall compute their portion of the not be reported directly on the S Corporation or partnership return not exceed $30 million per calendar year Not exceeding $ 10 000 00 10 00 not exceeding 25 percent of the fair market value of the property or 25 percent of the difference between the fair market not extend the period for which a credit not in your name (such as your tax preparer s own account) not recognized for Georgia purposes or by another state The not registered with the Secretary of State and does not do not responsible if a financial institution rejects a direct deposit not used in any taxable year may be carried forward for 10 years from the close of the taxable year in which the qualified jobs Note: Any short periods ending on the 1st through the 15th day NOTE: Check the Extension box on Form 600S if a Federal Note: The combined total of the penalty for delinquent filing of NOTE: The Department of Revenue encourages the use of 2D ny; if these requirements are met the Department of Revenue will issue a certification For the taxable years beginning in o Address updates O C G A 36 62 5 1 An existing business enterprise as defined in O C G A 48 7 40 qualifies for an additional $500 credit O C G A 48 7 29 18 and 48 7 29 19 and Revenue Regulation 560 7 8 53 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: O C G A 48 7 40 5 O C G A 48 7 57 provides that a taxpayer need not apply o Direct deposit account o Filing frequency change o Penalty waivers o Protest or appeal a liability o To close an account obtain a credit against income tax liability The credit is calculated on expenses directly related to manufacturing or to of $100 000 00 per calendar year of a Net Worth Tax of a new vehicle in 2009 I R C Sections 164(a)(6) and 164(b)(6) of any extension for filing the return Late payment penalty is not of Georgia law to be treated as a domestic corporation and to of Historic Places of qualified payments to minority subcontractors or $100 000 of Rights will provide fair courteous and timely service to of tangible personal property receipts shall be deemed to have of the credit of the month are backed up to the last day of the preceding of the return if earlier Once the income tax return is filed the Department has 120 days to review the withholding credit of the return if earlier Once the income tax return is filed the Department has 120 days to review the withholding credit be of the Subchapter S corporation in that year of the taxpayer s total state income tax liability for a tax year For tax years beginning on or after January 1 2009 the credit of which is the average adjusted basis of all assets of the of your payment on a first come first served basis The aggregate amount of the tax credit allowed to all taxpayers cannot exceed $58 on Form IT QEE TP1 For more information refer to O C G A 48 7 29 16 and Revenue Regulation 560 7 8 47 on Georgia municipal bonds designated as Build America on Georgia municipal bonds issued by the State of Georgia and on page 1 for separately stated shareholder adjustments) on Schedule 6 for all or any portion of the addition listed on on Schedule 8 and listed in Schedule 5 Georgia does not on Schedule 8 and listed in Schedule 6 The more commonly on the applicable lines on the calculation of Georgia taxable income on the Federal return such as accounts receivable Gross on Ways and Means and the chairperson of the on your Georgia income tax form ONE FACTOR FORMULA one year may not exceed the taxpayer s income tax liability for that taxable year Any unused portion of the credit may be only the 100% gross receipts factor See Georgia Comp operation of the business are also not subject to apportionment or business or final return shall compute the net worth in accordance with or forms call 1 877 423 6711 or Georgia extension was granted Failure to check the or has income from Georgia sources or indirectly paid to a related member All such expense must or lease of a new low emission vehicle Also there is a credit for the conversion of a standard vehicle to a low emission or leased on or after July 1 2015 or partners or partnership gross receipts values in its own apportionment or sponsors an approved adult basic skills program ordinary gain or loss treatment for the sale or exchange of certain original due date for each month or fractional part thereof other addition or subtraction line of the applicable return Attach a Other Differences Other differences should be placed on the other than Georgia) should determine the need to obtain a Otherwise such gain shall be allocated without the State oved by the Environmental Protection Division of the Department of Natural Resources must be included with oved by the Environmental Protection Division of the Department of Natural Resources must be included with the 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 owned or used in connection with the trade or business of the ownership interest of the partners members or owning property in Georgia must file an initial net worth tax Page 1 Page 10 page 10 for the net worth tax table Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 paid net worth tax panded facilities and increase their port traffic by more than 20% above their base year port traffic may take both job tax parent is not registered with the Secretary of State and does not part by such taxpayer to another Georgia taxpayer part from property owned or business done outside the State the 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 partners members or shareholders of that entity partnership must include its pro rata share of the joint venture pass through entity may be allocated to the passes the basic skills education test Specifies passes the information needed to compute the deduction to payable to Georgia Department of Revenue with your return? (To ensure proper credit put your payer may be transferred or sold in whole or in payer that has operated an existing manufacturing or telecommunications facility in the state for the previous three years to payment to the address on the form Do not use Form PV CORP payroll expended to employees working within Georgia for the calendar year directly preceding the start of the year the quali PENALTIES AND INTEREST penalties and interest accrue from the statutory due date Penalty for delinquent filing is 10% of tax due Penalty for pensions as well as income received from nonqualified deferred per fiscal year The maximum credit allowed to any taxpayer and their affiliates is $250 000 per fiscal year Taxpayers must per the ending balance sheet of the short period return The percent of the taxpayers Georgia income tax liability in the taxable year Where the amount of such credit exceeds the permanent jobs or $5 million in annual payroll personal property situated in the State or intangible property perty that is placed into service in Georgia between July 1 2008 and December 31 2014 The aggregate amount of Please note: Georgia also does not allow the increased standard Please review your completed return: Please visit our website for instructional videos and frequently asked questions http://dor georgia gov/georgia pletion forms signed by Department of Technical and Adult Education personnel attached For more information refer to ployer (but only an employer who employs 50 or fewer persons either directly or whose compensation is reported on port numbers to verify the increase in port traffic For more information refer to O C G A 48 7 40 15 portion of this bill (Section 5 1) eliminates both portion of this bill provides that individuals who owe preferred stock after Dec 31 2007 I R C Section 1221 prior to these changes) This bill: production activities (I R C Section 199) An adjustment to the production company s withholding taxes To claim the credit against withholding the production company must file Form production company shall be allowed to claim an amount of tax credits for any single year in excess of its total aggregate production or sale of tangible personal property and from property both within and without Georgia the Georgia ratio as property only includes in its receipts factor gross receipts property owned or business done within the State and derived in property receipts shall be deemed to have been derived from proval with the Department (preapproval is re provided by an employer to an employee as described in Section 132(f) of the IRC of 1986 For more information provides that it shall stand repealed on December providing telecommunications services Taxpayers must apply (use Form IT APP) and receive approval before claiming provisions of all federal laws related to the public To register as a minority subcontractor or to view the list purposes the I R C Section 179 deduction is currently limited to PV CORP PAYMENT VOUCHER QSSS and its parent must file separate net worth tax returns If the QSSS) they would not be required to file a net worth tax return qualified facility on or after July 1 2008 The aggregate amount of tax credits allowed for both the clean energy property qualified interactive entertainment production companies and their affliates will not be available for taxable years begin qualified restaurant property (allowing buildings to now be included) QUALIFIED SUBCHAPTER S SUBSIDIARY (QSSS) qualifies for an exception If a taxpayer qualifies for a full or qualify for this credit For more information refer to O C G A 48 7 40 16 The zero emission vehicle tax credit was quested before the certified rehabilitation is ratio of gross receipts from business done within this State to reading writing or mathematical skills up to and including the 12th grade or classes to receive a GED certificate may Reasons your direct deposit may be rejected If any of the receipts factors are determined per instructions on page 7 receive a tax credit The program is administered by the Department of Technical and Adult Education This credit should be received from customers within this State or if they are otherwise received from other intangible property held for investment refer to O C G A 48 7 29 3 refer to O C G A 48 7 40 2 40 3 and 40 4 refund of tax paid must be made within three years from the later refund the refund must be claimed within one year of the date regardless of an extension Georgia law prohibits granting register before accessing tax accounts To register you will need: Registration & Licensing Unit 1 877 423 6711 regulations of the Board of Natural Resources and includes an electric vehicle whose drive train is powered solely by rehabilitation expenditure as defined by Section related interest expense directly or indirectly paid to a related member All such expense must be listed as an addition related to such establishment or reallocation Headquarters is defined as the principal central administrative offices of relating to any scholarship or grant made RELATION TO FEDERAL RETURN repealed and cannot be claimed for vehicles purchased or leased on or after July 1 2015 report to the chairperson of the House Committee request preapproval to claim the credit required Please check the Composite Return Filed box on Form 600S Page 1 For composite return information and/ required to file a Georgia income tax return For a Subchapter required to receive a GED diploma requirements are satisfied This certification research and development industries but does not include retail businesses If other requirements are met job tax credits are Resources shall not accept new applications for result of business done in Georgia The net investment income retraining employees to use new equipment new technology or new operating systems For tax years beginning on or after RETURN return ending March 31 2009 The Georgia taxable net return for any credit claimed under this provision A statement from the vehicle manufacturer is not acceptable return is required to be filed electronically pursuant to the Internal return on or before the fifteenth day of the third calendar returns electronically Also a nonindividual income tax return Revenue Code of 1986 or Internal Revenue Service regulations Revenue Commissioner 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 and Regulations 560 7 7 03 for specific details S Corporation Income Tax S Corporations in filing their Georgia corporate tax returns Sales and Use Tax Withholding Tax Film Withholding Corporate Income Tax International Fuel Tax SCHEDULE 1 Schedule 4 Line 2 An extension of time does not alter the Schedule 4 provides for the computation of net tax due or the Schedule 5 Schedule 8 provide for modifications required by Georgia law Schedule L must be completed on the Georgia copy of the SCHEDULES 7 8 and 9 search and development that have increased shipments out of Georgia ports during the previous 12 month period by 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 168(k)(2)(E) (special rules for qualified property) and Georgia Section 85(c) section beginning on Page 1 prior to filling out your return Section for more information section on page 1 and the Adjustments to Federal Income of Shareholders section on page 6 Under Sections 48 7 21 Sections 172(b)(1)(H) and 810(b)(4) secure self service customer facing portal for making online Individual or Business Tax payments and corresponding See Georgia Code Section 48 7 21 for additional adjustments See Regulation 560 7 4 05 for more information Senate Finance Committee by June 30 of each send a notice to the corporation s principal office address in shall be apportioned by application of the following: shall issue the certification if all the above shall receive income tax credits in excess shareholders shareholders in the rehabilitated certified struc shareholders of that entity and without regard to the shipped or delivered to customers within this State should be mailed to: Taxpayer Services Division P O Box 49432 should use Georgia Form 4562 to compute depreciation for software bought after May 4 2007 and placed in service in the software companies to produce tax programs that include a 2D Special Note: Any S Corporation with nonresident members shall be subject to withholding tax unless a composite return State of Georgia state taxation of some types of retirement income including statement to the return explaining these differences 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 See structure and the total value of credits claimed structure other than a historic home Subchapter S income where the Subchapter S election is subject to the passive loss rules and is not able to claim the additional such taxpayer s quarterly or monthly withholding tax To claim the credit against withholding a taxpayer must file suitable for conservation purposes Please note that the Department of Natural Resources cannot accept new applica Supervision supporting schedules must be attached to the Georgia return tainment production company and its affiliates which are qualified interactive entertainment production companies is $5 mil tangible personal property must include gross receipts from tax center info tax credit For more information refer to O C G A 48 7 40 24 tax credit It is effective on January 1 2016 tax credit on December 31 2016 It also repeals tax credit with the following threshold criteria: TAX CREDITS TAX CREDITS (continued) TAX CREDITS (continued) TAX CREDITS (continued) tax credits allowed for both the clean energy property tax credit and the wood residuals tax credit is $2 5 million for tax credits by providing that the amount of the tax tax credits preapproved shall not exceed $1 tax due using Form IT 560C Credit for this prepayment should Tax Exempt Organizations 1 877 423 6711 Tax Form IT 560C must be included with the remittance tax is imposed only on that portion of the business income which tax is then prorated based on the number of months included 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 on such interest Tax page of the Form IT 611 visit our website at http://dor georgia gov or call 1 877 423 6711 for blank forms and instructions tax period from the incorporation/qualification date to tax return (including extensions which have been granted) tax return because the due dates do not coincide tax return filed for a year beginning on or after January 1 2008 A tax return If the return is received within the time extended tax year) Please see the Federal Tax Changes tax years beginning on or after January 1 2016 taxable income for nonresidents Schedule 8 reflects flow through taxable net income (Note that for tax years beginning before January 1 2009 the base amount must contain positive taxable year may be carried forward for 5 years from the close of the taxable year in which the investment occurred taxable year; or 2) $5 000 However the income is not taxed if taxable years beginning on or after January 1 2015 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 Any other methodology requires preapproval from taxpayer has depreciation differences from more than one Federal taxpayer s state income tax liability for a taxable year In Tier 3 and Tier 4 counties the total credit amount may offset up to taxpayer s state income tax refund from both the 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 shall file a return reflecting the changed or corrected Taxpayers that remit payments by electronic funds transfer Taxpayers who are parties to state contracts may subtract from telecommunications tourism broadcasting or research and development industries The credit shall be 10% of the TELEPHONE ASSISTANCE TEU s If not the percentage increase in port traffic will be calculated using 75 net tons five containers or 10 TEU s than 20 percent above its base year port traffic and also has increased employment by 400 or more no sooner than January than a historic home) that are completed on or after January 1 2017 For more information refer to O C G A 48 7 29 8 than one box You must check the correct box to ensure your than the manufacture production or sale of tangible personal that are required to be included in the nonresident s income that is not a weekend or a holiday Returns should be mailed to that purchases an alternative fuel heavy duty vehicle or an alternative fuel medium duty vehicle The credit is allowed on that taxable year No credit may be claimed and allowed under this code section for any jobs created on or after January 1 that taxpayer shall be added to a waiting list and receive priority for the following years credit allocation Credits claimed that the credit cap the aggregate amount of income that the project creates 200 or more full time the aggregate amount of film tax credits allowed for qualified interactive entertainment production companies and their affili the Amended due to IRS Audit box on page 1 of Form 600S the annual $25 million limitation those applica the calendar year directly preceding the start of the taxable year of the qualified interactive entertainment production compa the changes are submitted the conservation tax credit after December 31 2016 The credit is calculated at 50% of the direct costs of retraining full time employees up to $500 per employee per approved re The credit may be used to offset 100 percent of the taxpayers Georgia income tax liability in the taxable year Where the the credit This became effective January 1 2011 See Code Section 48 7 40 30 and Regulation 560 7 8 52 for more infor the Department Also see Georgia Regulation 560 7 3 10 the Department of Economic Development) which is located in a tier 2 3 or 4 county the Department of Revenue The Department of Revenue as outlined in the Taxpayer Bill The Department of Revenue has given approval to certain the end of the year If this return is for a short period of the Federal acts) should be reported separately to the shareholders the film tax credit for qualified interactive the following instructions: 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 American the Georgia Lottery Corporation to offset an The Georgia return relates to the Federal return in most respects The Governor signed House Bill 292 into law Consequently for the low emission vehicle and zero emission vehicle The net worth tax shall be computed based upon the net worth the order in which the application was received the original due date until the date the liability is paid in full An the other addition line of the return the payment voucher the prior year s income exceeds the lesser of: 1) 5 percent of the the property the qualified investor tax credit (also known the return the return for any credit claimed under this provision A statement from the vehicle manufacturer is not accept 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 S Corporation election will be terminated by the Commissioner THE SECRETARY OF STATE the Secretary of State Registration including the fee is due the shareholders the situs of the corporation is in Georgia or the intangible property The statute can be read and an application obtained at http:// the statutory due date then late payment penalties will be the statutory due date until the tax is paid in full Late payment 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 taxpayers of Georgia Our mission is to provide the best the Technical College System of Georgia Office of The total of the additions to Georgia income should be indicated the United States the year of the loss I R C Section 1400N(o) the years following the base year then the employer must request certification from then this code section shall exist as it was there is a special exemption under Georgia law from Georgia There is also the requirement that the number of full time employees equal or exceed 1 800 However these jobs do not Thereafter an annual return must be filed on or before the This beginning taxable income should be adjusted for the separately stated items mentioned in the Federal Tax Changes This booklet contains the instructions required by most This booklet is designed to provide information and assist This penalty will accrue from the statutory due date regardless This year you can electronically file your corporate return through six after the creation of the jobs In Tier 1 and Tier 2 counties the total credit amount may offset up to 100% of a Tier 1 $ 5 Million 10% Tier 3 or 4 1% 3% tions after December 31 2016 A copy of this certificate must be filed with the taxpayer s tax return in order to claim the tions for further information or refer to the Department of Community Affairs website tions shall be given priority the following year to $5 million for any taxable year except in the case to all taxable years beginning on or after To amend a return check the amended return block on Form to claim these credits on Forms IT CEP AP For more information refer to O C G A 48 7 29 14 To determine total income for Georgia purposes certain to do business in Georgia must file an annual registration with to federal income even if the taxpayer qualifies for an exception to January 1 2009 may be entitled to a tax credit if the following criteria are met: 1) At least fifty (50) headquarters jobs to retail space I R C Sections 168(e)(3)(E)(ix) 168(e)(8) and to shareholders of S Corporations and partners of partnerships for to the Georgia partnership or S Corporation return is not required to write checks or total amount of the credit that may be claimed total credit allowed is $50 million The credit offsets income tax liability and any excess may be used to offset withholding total gross receipts from business done everywhere Total subtractions from Federal income should be indicated training program per year For tax years beginning on or after January 1 2009 there is a cap of $1 250 per year per full time treatment for a QSSS However the QSSS and the parent TREATMENT OF SHORT PERIOD NET WORTH TAX ture provided that the entity or person that TWO DIMENSIONAL (2D) BARCODE FORMS type of income Therefore this adjustment will be allowed only under the provisions of the I R C as it existed on January 1 unless such business enterprise has increased its port traffic of products during the previous twelve month period by more unused credit may be carried forward for three years and the credit is limited to 50% of the employer s Georgia income up to 25% used items are listed in each of these schedules Additionally 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 Current year individual and corporate tax payments; v Did you receive an extension of time to file your return? If so did you enclose a copy of the v Have you addressed your envelope properly? Do not mail your Georgia Form 600S to the v Have you included a copy of Federal Form 1120S and supporting schedules with your return? v If there is an overpayment (on Schedule 4 Line 6) did you show the amount to be refunded v If there is tax due (on Schedule 4 Line 10) did you include Form PV CORP and your remittance v If you claimed Georgia Business credits did you include the required schedules or forms? v Individual and corporate estimated tax payments v Is the taxable year shown on your return? v Liabilities on Department of Revenue issued assessment v Please DO NOT use staples value and the amount paid to the donor if the donation is effected by a sale of for less than fair market value up to a maxi vehicle which is equal to 10% of the cost of conversion not to exceed $2 500 per converted vehicle Certification appr visit http://doas ga gov/state purchasing/suppliers wage of the county in which it is located; and 5) For a taxpayer that initially claimed the credit in a taxable year beginning wage of the county that has the lowest average wage of any county in the state Also employers must make health insurance was acquired as income from property held in Georgia or as a was claimed Georgia follows the separate reporting treatment of the website at http://dor georgia gov There you can download were enacted on or before January 1 2015 For 2015 for Georgia were enacted on or before January 1 2015 This were established The measurement of the new full time jobs and maintained jobs is based on average monthly employment What is the Georgia Tax Center? The Georgia Tax Center (GTC) is the Department of Revenue s WHEN AND WHERE TO FILE WHEN ELECTRONIC FILING IS REQUIRED When receipts are derived from business other than the sale When receipts are derived from the sale of tangible personal whenever the corporation is a partner whether limited or general wherein the shareholders agree to pay Georgia income tax on their portion of the corporation s Georgia taxable income or whether on a mandatory or voluntary basis must file all associated whichever is less per taxable year The Commissioner of the Who Can Sign Up? Any business that pays taxes in the state of Georgia is eligible to use GTC for who successfully completes an approved adult with the Department with the Department (preapproval may be requested with the playing of golf shall not be eligible Taxpayers will be able to claim a credit against their state income tax liability withholding tax To claim the credit against withholding a business must file Form IT WH at least 30 days prior to filing within Georgia as computed in Schedule 3 using the ratio within two years of the placed in service word processing database management presentations spreadsheets e mail personal information management or comput worth per the March 31 2009 balance sheet is $90 000 The worth return cannot be combined with the initial income worth tax return is based on the beginning net worth worth taxable year Net worth is defined to include issued www sos georgia gov/ Annual registration and certificate of year and it provides that the Department of Natural year beginning before January 1 2009 credits are allowed for new credit full time employee jobs for five years in years two year for any additional nonresident who becomes a shareholder year in order to claim the credit year may be carried forward for five years from the close of the taxable year in which the cost of the operation was year port traffic and port traffic include imports and exports of product It allows the credit to any business enterprise located year Such report shall contain the total sales tax years beginning before January 1 2019 Also for years beginning in 2014 through 2018 is $12 5 million for each year The maximum credit for any qualified interactive enter years then included ratably over five years I R C Section 108(i) yields the beginning taxable income for the nonresident which should be reported on the Georgia individual tax return Zone property I R C Section 1400N(d)(1)