Form It 511 - Individual Income Tax 500 And 500ez Forms And General Instructions - 2015 Page 6
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342015 New Developments
continued
◦ Provides that the Department shall provide a
that the project creates 200 or more full-time,
permanent jobs or $5 million in annual pay-
report to the chairperson of the House Committee
roll within two years of the placed in service
on Ways and Means and the chairperson of the
date, the project is eligible for credits up to
Senate Finance Committee by June 30 of each
$10 million for an individual certified structure.
year. Such report shall contain the total sales tax
collected in the prior calendar year and the aver-
◦ Provides that in no event shall more than one
age number of full-time employees at the certified
application for any individual certified structure
structure and the total value of credits claimed
be
approved in any 120
month
period.
for each taxpayer claiming the credit for a cer-
tified structure, other than a historic home.
◦ For projects earning more than $300,000 in
credits, provides that in no event shall the aggre -
HB 310 (O.C.G.A. § 48-7-161) This bill changes
gate amount of tax credits exceed $25 million per
agencies that are eligible to offset an individual
calendar year.
taxpayer’s state income tax refund from both the
Department of Corrections and State Board of Par-
◦ Provides that a taxpayer must apply for preap-
dons and Paroles to the Department of Community
proval with the Department (preapproval is re-
Supervision.
quested before the certified rehabilitation is
completed). For applications on projects over
HB 320 (O.C.G.A. § 20-3-236) The income tax
the annual $25 million limitation, those applica-
portion of this bill provides that individuals who owe
tions shall be given priority the following year.
any amount to the Georgia Student Finance Com-
mission relating to any scholarship or grant made
◦
Eliminates the carry forward provision.
by the Commission including repayments and re-
funds, are subject to offset of their state tax refund in
◦ Specifies that tax credits earned by a taxpayer
accordance with rules and regulations promulgated
and previously claimed but not used by such tax-
by the Commission.
payer may be transferred or sold in whole or in
part by such taxpayer to another Georgia taxpayer.
HB 339 (O.C.G.A. § 48-7-40.26) This bill ex-
tends the film tax credit for qualified interactive
◦ Provides that the sale of a credit does
entertainment production companies through tax
not extend the period for which a credit
years beginning before January 1, 2019. Also for
may be carried forward and does not increase the
tax years beginning on or after January 1, 2016,
total amount of the credit that may be claimed.
it requires preapproval for such companies and
makes certain other changes for such companies.
◦ Specifies that a credit earned or purchased
by, or assigned to, a partnership, limited liability
HB 464 (O.C.G.A. §§ 48-7-40.10, 48-7-40.11, and
company, Subchapter ‘S’ corporation or oth-
48-7-29.12) This bill repeals Code Section 48-
7-40.10, qualified water conservation investment
er pass-through entity may be allocated to the
partners, members, or shareholders of that entity
tax credit, on December 31, 2016. It also repeals
and claimed in accordance with provisions of any
Code Section 48-7-40.11, tax credit for shift from
agreement among the partners, members, or
ground-water usage, on December 31, 2016.
shareholders of that entity and without regard to the
Finally, it provides that beginning on January 1,
ownership interest of the partners, members or
2016, the aggregate amount of conservation tax
shareholders in the rehabilitated certified struc-
credits shall not exceed $30 million per calendar
ture, provided that the entity or person that
year and it provides that the Department of Natural
claims the credit must be subject to Georgia tax.
Resources shall not accept new applications for
the conservation tax credit after December 31, 2016.
◦ Provides reporting requirements for the earner
of the credit.
Page 4
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