Form It 611s - S Corporation Income Tax Forms And General Instructions

·Changes the penalty relating to an appraisal that has a sub-

stantial valuation misstatement.

·Allows the existing business enterprise tax credit to be carried

·Specifies that no credit shall be allowed with respect to any

forward.

amount deducted from taxable net income by the taxpayer as

·Specifies that taxpayers that initially claimed this credit for

a charitable contribution.

any taxable year beginning before January 1, 2012, shall be

The income tax portions of this bill are applicable to taxable

governed, for purposes of all such credits claimed as well as

years beginning on or after January 1, 2013.

any credits claimed in subsequent taxable years related to

such initial claim, by this Code section as it was in effect for

HB 729 (O.C.G.A. § 48-1-2) The income tax portion of this bill

the taxable year in which the taxpayer made such initial claim.

(see Section 1), for taxable years beginning on or after Janu-

ary 1, 2011, adopts certain provisions of all federal acts (as

The bill amends Code Section 48-7-40.1 (job tax credit for

they relate to the computation of Federal Adjusted Gross In-

business enterprises in less developed areas):

come (AGI) for individuals or federal taxable income for non-

·Adds “the manufacturing of alternative energy products for

individuals) that were enacted on or before January 1, 2012.

use in solar, wind, battery, bioenergy, biofuel, and electric ve-

Please see the federal tax change section for more informa-

hicle enterprises” and “biomedical manufacturing” to the defi-

tion.

nition of a “business enterprise”.

·Specifies that taxpayers that initially claimed this credit for

HB 808 (O.C.G.A. § 48-7-27) This bill provides an exclusion

any taxable year beginning before January 1, 2012, shall be

for disability income received by a disabled veteran who is a

governed, for purposes of all such credits claimed as well as

citizen and resident of Georgia to the extent the income is

any credits claimed in subsequent taxable years related to

included in Federal Adjusted Gross Income. “Disabled vet-

such initial claim, by this Code section as it was in effect for

eran” means:

the taxable year in which the taxpayer made such initial claim.

·Any wartime veteran who was discharged under honorable

conditions and who has been adjudicated by the United States

The bill amends Code Section 48-7-40.12 (research tax credit):

Department of Veterans Affairs as being at least 90 percent

·Provides that where the amount of credit exceeds 50 percent

totally

of the business enterprise’s remaining Georgia net income

tax liability after all other credits have been applied in a tax-

and permanently disabled and entitled to receive service con-

able year, the excess credit can be used against payroll with-

nected benefits; or

holding.

·Any veteran who is receiving or who is entitled to receive a

statutory award from the United States Department of Veter-

The bill amends Code Section 48-7-40.15 (port activity tax

ans Affairs for:

credit):

1. Loss or permanent loss of use of one or both feet;

·Changes the NAICS Code for broadcasting from 516 to 519 in

2. Loss or permanent loss of use of one or both hands;

the definition of “broadcasting”.

3. Loss of sight in one or both eyes; or

·Adds “the manufacturing of alternative energy products for

4. Permanent impairment of vision of both eyes of the follow-

use in solar, wind, battery, bioenergy, biofuel, and electric ve-

ing status: Central visual acuity of 20/200 or less in the better

hicle enterprises” and “biomedical manufacturing” to the defi-

eye, with corrective glasses, or central visual acuity of more

nition of a “business enterprise”.

than 20/200 if there is a field defect in which the peripheral

·Allows a business enterprise under Code Section 48-7-40.1

field has contracted to such an extent that the widest diam-

(job tax credit for business enterprises in less developed ar-

eter of visual field subtends on angular distance no greater

eas) to claim the port activity tax credit.

than 20 degrees in the better eye.

The bill amends Code Section 48-7-40.17 (quality jobs tax

This bill is applicable to taxable years beginning on or after

credit):

January 1, 2013.

·Eliminates the requirement that a new quality job have no

predetermined end date from the definition of “new quality job.”

HB 868 (O.C.G.A. §§ 48-7-40, 48-7-40.1, 48-7-40.12, 48-7-

·Specifies that taxpayers that initially claimed this credit for

40.15, 48-7-40.17, and 48-7-40.24) This bill changes certain

any taxable year beginning before January 1, 2012, shall be

provisions regarding the following state income tax credits.

governed, for purposes of all such credits claimed as well as

any credits claimed in subsequent taxable years related to

The bill amends Code Section 48-7-40 (job tax credit):

such initial claim, by this Code section as it was in effect for

·Adds “the manufacturing of alternative energy products for

the taxable year in which the taxpayer made such initial claim.

use in solar, wind, battery, bioenergy, biofuel, and electric ve-

hicle enterprises” and “biomedical manufacturing” to the defi-

The bill amends Code Section 48-7-40.24 (mega tax credit).

nitions of a “business enterprise” and “existing business en-

terprise”.

This bill is applicable to taxable years beginning on or after

·Changes the job creation requirement for a tier 1 county from

January 1, 2012.

five jobs to two jobs.

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Form It 611s - S Corporation Income Tax Forms And General Instructions - 2012 Page 4

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