2015 Corporation Income Tax General Instructions - Georgia Department Of Revenue Page 4
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
242015 Legislation
HB 63 (O.C.G.A. § 48-7-41) This bill amends the
tax credits by providing that the amount of the tax
credit shall be $0.00 for any vehicle pur-
basic skills education tax credit and is applicable
chased or leased on or after July 1, 2015.
to all taxable years beginning on or after
January 1, 2016. This bill:
HB 237 (O.C.G.A. § 48-7-40.30) This bill extends
•Defines “basic skills education test” as the test
the qualified investor tax credit (also known
as the angel investor tax credit) to qualified
required to receive a GED diploma.
investments made in 2016, 2017, and 2018.
•Provides a tax credit for an employer who provides
HB 275 (O.C.G.A. § 48-7-161) This bill allows
or sponsors an approved adult basic skills program.
the Georgia Lottery Corporation to offset an
•Provides that the tax credit amount is $400.00 for
individual taxpayer’s state income tax refund for
debts owed to the Georgia Lottery Corporation.
each employee who passes the basic skills edu-
cation test, or $1,200.00 for each employee who
HB 292 (O.C.G.A. § 48-1-2) This bill adopts cer-
successfully completes an approved adult basic
tain provisions of all federal laws related to the
skills education program consisting of at least
computation of Federal Adjusted Gross Income
40 hours of training while the employee is being
(Federal Taxable Income for non-individuals) that
compensated at their normal rate of pay, and
passes the basic skills education test. Specifies
were enacted on or before January 1, 2015. This
bill is applicable to taxable years beginning on or
that the credit cap, the aggregate amount of in-
after January 1, 2014 (thus it also includes the 2015
come tax credits preapproved, shall not exceed $1
tax year). Please see the Federal Tax Changes
million per calendar year; and that no single em-
Section for more information.
ployer shall receive income tax credits in excess
of $100,000.00 per calendar year.
HB 308 (O.C.G.A. § 48-7-29.8) This bill amends
•Provides that an employer must apply for preap-
Code Section 48-7-29.8, historic rehabilitation
tax credit. It is effective on January 1, 2016
proval with the Department (preapproval may be re-
quested before the class is taken). The Department
and is applicable to certified rehabilitations
completed on or after January 1, 2017. The bill
must preapprove or deny the application within
provides that it shall stand repealed on December
45 days of receipt. Preapproval will be based on
31, 2021 (specifies that if these changes are re-
the order in which the application was received
pealed then this code section shall exist as it was
and whether sufficient funds are available.
prior to these changes). This bill:
•Provides that after completion of the program and
•Changes the definition of “certified structure” to
after receiving preapproval from the Department,
then the employer must request certification from
include that it “is located within a national historic
the Technical College System of Georgia, Office of
district, individually listed on the National Register
of Historic Places”.
Adult Education. The Office of Adult Educa-
tion shall issue the certification if all the above
•Changes the definition of “qualified rehabilitation
requirements are satisfied. This certification
expenditure” to state that it means any “qualified
must be attached to the employer’s income tax
rehabilitation expenditure as defined by Section
return.
47(c)(2) of the Internal Revenue Code of 1986”.
•Provides that this tax credit (Code Section) shall
•Makes the following changes with respect to a
be repealed on January 1, 2020.
certified structure (other than a historic home):
HB 170 (O.C.G.A. § 48-7-40.16) The income tax
◦ Increases the credit amount from $300,000
portion of this bill (Section 5-1) eliminates both
to $5 million for any taxable year, except in the case
the low-emission vehicle and zero emission vehicle
Page 2
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form It-611 - Georgia Income Tax Forms And General Instructions - Georgia Department Of Revenue - 1999
Financial
Form Dr 0900-c - 2007 - C Corporation Income Tax Payment Voucher - Colorado Department Of Revenue
Financial
Minnesota Unrelated Business Income Tax (ubit) Instructions - Minnesota Department Of Revenue - 2017
Financial
Instructions For Completion Of The State Tax Registration Application - Georgia Department Of Revenue
Financial
Related Categories
Parent category: Financial