Form It 611 - Corporation Income Tax Forms And General Instructions

NEW INFORMATION

2012 Legislation

·Requires the taxpayer to file a copy of the State Property

HB 100 (Numerous Sections) This bill creates the Georgia

Commission’s determination with their tax return to claim the

Tax Tribunal which is an independent and autonomous division

credit.

within the Office of State Administrative Hearings operating

·Changes the definition of “qualified donation” to specify that

under the sole direction of the chief tribunal judge. The Tribunal

beginning on January 1, 2014, the bona fide charitable non-

will also have a small claims division. Although appeals to the

profit organization must be accredited by the Land Trust Ac-

Office of State Administrative Hearings that were previously

creditation Commission; to specify that the qualified donation

provided pursuant to O.C.G.A. § 50-13-12 are eliminated, the

must be for use in a manner consistent with at least two con-

taxpayer will retain the option of appealing directly to Superior

servation purposes which are now defined in the law; and to

Court instead of the Georgia Tax Tribunal. Petitions for appeal

eliminate the requirement that the conservation easement must

of Tribunal decisions will be heard by the Superior Court of

meet the requirements under paragraph (4) of Code Section

Fulton County, sitting as a reviewing court. Taxpayers can file

12-6A-2.

petitions in the Georgia Tax Tribunal beginning January 1, 2013.

·Changes the per property credit limitation for partners in a

partnership from $1 million to $500,000 (note the per taxpayer

HB 846 (O.C.G.A. §§48-2-15.2, 48-2-55, and 48-3-7) Section

limitations still apply).

1 authorizes the publication of redacted letter rulings, effective

·Requires that the certification issued by the Department of

for letter rulings requested after May 1, 2012. Section 2 of the

Natural Resources (DNR) specify that the donated property

bill modernizes the provisions governing the Commissioner’s

meets certain additional requirements which are now speci-

levy and sale of personal property. Section 3 of the bill authorizes

fied in the law.

the commissioner to electronically store, retrieve, and transmit

·Provides that the appraisal required shall be a full narrative

tax executions. House Bill 846 became effective upon its

appraisal and include:

approval by the Governor on May 1, 2012.

oA certification page, as established by the Uniform Stan-

dards of Professional Appraisal Practice, signed by the

HB 386 (O.C.G.A. §§48-7-26, 48-7-27, and 48-7-29.12) The

appraiser; and

income tax portions of this bill provide as follows:

oAn affidavit signed by the appraiser which includes a state-

ment specifying:

Section 2-1 of the bill amends Code Section 48-7-26 by rais-

·The value of the unencumbered property, the total

ing the personal exemption for married taxpayers filing a joint

value of the qualified donation in gross, and an ac-

return from $5,400 to $7,400 and for a married taxpayer filing a

companying statement identifying the methods used

separate return from $2,700 to $3,700.

to determine such values;

·Whether a subdivision analysis was used in the ap-

Section 2-2 caps the retirement exclusion at $65,000 for 2012

praisal;

and later for a taxpayer who is age 65 or more (it was previ-

· Whether the landowner or related persons own any

ously slated to gradually rise to an unlimited amount by tax

other property, the value of which is increased as a

year 2016 for a taxpayer who is age 65 or more).

result of the donation; and

·That the appraiser is certified pursuant to Chapter

Section 3-1 of the bill amends Code Section 48-7-29.12 (con-

39A of Title 43.

servation tax credit):

·Specifies that a final determination by DNR or the State Prop-

·Specifies that for each application for certification, DNR shall

erties Commission shall be subject to review and appeal un-

require submission of an appraisal of the qualified donation by

der Chapter 13 of Title 50, the Georgia Administrative Proce-

the taxpayer along with a nonrefundable $5,000. application fee;

dure Act.

provided, however, that the nonrefundable application fee for prop-

·Changes the qualified donation limitation from stating that

erty donated to the state shall be 1 percent of the total value of

only one qualified donation may be made with respect to any

the donation, unless such donation is being made to qualify the

real property that was, in the year prior to donation, within the

state for a federal or state grant.

same tax parcel of record, to stating that only one qualified

·Specifies that appraisals received by DNR shall be forwarded to

donation may be made with respect to any real property that

the State Properties Commission for review. The State Proper-

was, in the five years prior to the donation, within the same

ties Commission shall approve the appraisal amount submitted

tax parcel of record (but retains the exception for a donation

or recommend a lower amount based on its review and inform

by a person who is not a related person with respect to any

DNR of its determination. Upon receipt of the State Properties

prior eligible donors of any portion of such parcel).

Commission’s determination, DNR may proceed with the certifi-

·Provides any tax credits earned by a taxpayer in a taxable

cation process.

year beginning on or after January 1, 2013, previously claimed

·Specifies that “fair market value” is as determined by the State

and not used may be transferred or sold in whole or in part by

Properties Commission. Current law states that fair market value

the taxpayer to another Georgia taxpayer but the transferor

means the value of the donated property established by a prop-

may make only a single transfer or sale of tax credits earned

erty appraisal or appraisals meeting the requirements of Section

in a taxable year; however the transfer or sale may involve one

170 of Title 26 of the United States Code, to be submitted in such

or more transferees.

manner as the Commissioner may by regulation require.

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Form It 611 - Corporation Income Tax Forms And General Instructions - 2012 Page 3

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