Form It-711 - Partnership Income Tax Forms And General Instructions

NEW INFORMATION (continued)

·Provides that the preapproval application must be sub-

Code Section 20-2A-3:

mitted electronically to the Department in the manner

·Provides that the annual report submitted by the SSOs

specified by the Department.

to the Department by January 12

must also include

the total number of families of scholarship recipients

The income tax portions of House Bill 283 became ef-

who fall within each quartile of Georgia adjusted gross

fective upon its approval by the Governor on May 7, 2013

income as defined and reported annually by the Depart-

and are applicable to taxable years beginning on or af-

ment of Revenue and the average number of depen-

ter January 1, 2013.

dents of recipients for each quartile.

HB 318 (O.C.G.A. § 48-7-40.30) The income tax por-

·Eliminates the requirement that the Department shall

tion of this bill (Section 6) changes the qualified investor

not require any other information from the SSO’s.

tax credit (also known as the angel investor tax credit)

·Specifies that all information, except the statistical in-

·Extends the tax credit to qualified investments made in

formation, provided by the SSO’s is confidential.

2014 and 2015.

Code Section 48-7-29.16, the qualified education ex-

·Provides that the total aggregate amount of all tax credits

pense credit:

allowed to qualified investors for qualified investments

·Defines “eligible student”.

made in the 2014 calendar year and claimed and al-

lowed in the 2016 taxable year shall not exceed $5 mil-

·Provides that the credit amount for an individual who is

lion.

a member of a limited liability company duly formed

under state law, a shareholder of a Subchapter ‘S’ cor-

·Provides that the total aggregate amount of all tax credits

poration, or a partner in a partnership, is the amount

allowed to qualified investors for qualified investments

expended or $10,000.00 per tax year, whichever is less;

made in the 2015 calendar year and claimed and al-

provided, however, that tax credits shall only be allowed

lowed in the 2017 taxable year shall not exceed $5 mil-

for the portion of the income on which such tax was

lion. Note: The total aggregate amount under current

actually paid by such member of the limited liability com-

law for calendar years 2011, 2012, and 2013 is $10 mil-

pany, shareholder of a Subchapter ‘S’ corporation, or

lion per year.

partner in a partnership.

The income tax portion of House Bill 318 became effec-

·Specifies that the tax credit shall not be allowed if the

tive upon its approval by the Governor on April 29, 2013.

taxpayer designated the taxpayer’s qualified education

expense for the direct benefit of any particular individual,

SB 137 (O.C.G.A. § 48-7-40.1) The income tax portion

whether or not such individual is a dependent of the tax-

of this bill (Section 2) makes changes to the job tax credit

payer. Note: Under the current qualified education ex-

for less developed areas. The bill:

pense credit regulation, Revenue Regulation 560-7-8-

.47, the tax credit would not be allowed.

·Changes the term “comprised” to “composed” in sub-

section (c).

·Provides that in soliciting contributions, an SSO shall

not represent, or direct a qualified private school to rep-

·Gives the Commissioner of Economic Development,

resent, that in exchange for contributing to the SSO, a

the authority to designate along with the Commissioner

taxpayer shall receive a scholarship for the direct ben-

of Community Affairs less developed areas described

efit of any particular individual, whether or not such indi-

in subsections (c)(1), (c)(3) and (c)(4). Under current

vidual is a dependent of the taxpayer. The status as an

law, only the Commissioner of Community Affairs makes

SSO shall be revoked for any such organization which

designations of less developed areas.

violates this provision.

The income tax portion of Senate Bill 137 became ef-

·Provides that the annual maximum amount (amount of

fective upon its approval by the Governor on May 6, 2013.

tax credits allowed per tax year) shall be $58 million

and shall no longer be adjusted annually using the

Consumer Price Index.

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Form It-711 - Partnership Income Tax Forms And General Instructions - 2013 Page 4

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