Form It-711 - Partnership Income Tax General Instructions

2015 Legislation (continued)

◦ Provides that the Department shall provide a

that the project creates 200 or more full-time,

report to the chairperson of the House Committee

permanent jobs or $5 million in annual pay-

on Ways and Means and the chairperson of the

roll within two years of the placed in service

Senate Finance Committee by June 30 of each

date, the project is eligible for credits up to

year. Such report shall contain the total sales tax

$10 million for an individual certified structure.

collected in the prior calendar year and the aver-

age number of full-time employees at the certified

◦ Provides that in no event shall more than one

structure and the total value of credits claimed

application for any individual certified structure

for each taxpayer claiming the credit for a cer-

approved in any 120

month

period.

tified structure, other than a historic home.

◦ For projects earning more than $300,000 in cred-

HB 310 (O.C.G.A. § 48-7-161) This bill changes

its, provides that in no event shall the aggregate

agencies that are eligible to offset an individual

amount of tax credits exceed $25 million per cal-

taxpayer’s state income tax refund from both the

endar year.

Department of Corrections and State Board of Par-

◦ Provides that a taxpayer must apply for preap-

dons and Paroles to the Department of Community

Supervision.

proval with the Department (preapproval is re-

quested before the certified rehabilitation is

HB 320 (O.C.G.A. § 20-3-236) The income tax

completed). For applications on projects over

portion of this bill provides that individuals who owe

the annual $25 million limitation, those applica-

any amount to the Georgia Student Finance Com-

tions shall be given priority the following year.

mission relating to any scholarship or grant made

by the Commission including repayments and re-

◦

Eliminates the carry forward provision.

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

by the Commission.

and previously claimed but not used by such tax-

payer may be transferred or sold in whole or in

HB 339 (O.C.G.A. § 48-7-40.26) This bill ex-

part by such taxpayer to another Georgia taxpayer.

tends the film tax credit for qualified interactive

◦ Provides that the sale of a credit does

entertainment production companies through tax

years beginning before January 1, 2019. Also for

not extend the period for which a credit

tax years beginning on or after January 1, 2016,

may be carried forward and does not increase the

it requires preapproval for such companies and

total amount of the credit that may be claimed.

makes certain other changes for such companies.

◦ Specifies that a credit earned or purchased

HB 464 (O.C.G.A. §§ 48-7-40.10, 48-7-40.11, and

by, or assigned to, a partnership, limited liability

48-7-29.12) This bill repeals Code Section 48-

company, Subchapter ‘S’ corporation or oth-

7-40.10, qualified water conservation investment

er pass-through entity may be allocated to the

tax credit, on December 31, 2016. It also repeals

partners, members, or shareholders of that entity

Code Section 48-7-40.11, tax credit for shift from

and claimed in accordance with provisions of any

ground-water usage, on December 31, 2016.

agreement among the partners, members, or

Finally, it provides that beginning on January 1,

shareholders of that entity and without regard to the

2016, the aggregate amount of conservation tax

ownership interest of the partners, members or

credits shall not exceed $30 million per calendar

shareholders in the rehabilitated certified struc-

year and it provides that the Department of Natural

ture, provided that the entity or person that

Resources shall not accept new applications for

claims the credit must be subject to Georgia tax.

the conservation tax credit after December 31, 2016.

◦ Provides reporting requirements for the earner

of the credit.

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Form It-711 - Partnership Income Tax General Instructions - 2015 Page 4

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