Form It-Rg - Rapidly Growing Small Business Credit - Georgia Department Of Revenue printable pdf download

Form It-Rg - Rapidly Growing Small Business Credit - Georgia Department Of Revenue

IT-RG (3/99)

DEPARTMENT OF REVENUE

INCOME TAX DIVISION

Rapidly Growing Small Business Credit

Section 48-7-40.13

A tax credit is allowed a business enterprise having a Georgia net taxable income in the current taxable

year which is 20 percent or more above that of the preceding taxable year, if such business enterprise’ s

Georgia net taxable income in each of the two taxable years preceding the current taxable year also was 20

percent or more above each respective preceding taxable year.

Name

Tax ID No.

Address

Type of Entity

City/State/Zip Code

Telephone Number

Contact Person

Tax Year Ending

Tax Year

Georgia Net Taxable Income

Percentage Increase Over Preceding Year

a. (Current Year)

Note* If your Georgia Income Tax in any of the years listed above exceeds $1.5 million, or the percentage

increase over the preceding year is less than 20% do not complete this form.

1. Current taxable income

________________________________

2. Preceding year’ s taxable income x 120%

________________________________

3. Potential Tax Credit is line 1 minus line 2

________________________________

4. Enter current tax liability without regard to any credits

_________________________________

5. Enter value of all other credits claimed

_________________________________

6. Subtract line 5 from line 4 (tax after all credits)

_________________________________

7. Enter 50% of line 6, maximum credit

_________________________________

8. If line 3 exceeds line 7, tax credit is line 7

_________________________________

9. If line 7 exceeds line 3, tax credit is line 3

_________________________________

The taxpayer must have operated in Georgia for three years before qualifying for this credit. There must be

income in each year; loss years can not be a part of this calculation. This tax credit must be claimed in the

year earned, there is no carry-forward.

Form It-Rg - Rapidly Growing Small Business Credit - Georgia Department Of Revenue

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