Form It 611 - Corporation Income Tax Forms And General Instructions

NEW INFORMATION (continued)

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

·Allows the existing business enterprise tax credit to be carried

stantial valuation misstatement.

forward.

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

·Specifies that taxpayers that initially claimed this credit for

amount deducted from taxable net income by the taxpayer as

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

a charitable contribution.

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

The income tax portions of this bill are applicable to taxable

any credits claimed in subsequent taxable years related to

years beginning on or after January 1, 2013.

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

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

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

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

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

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

business enterprises in less developed areas):

they relate to the computation of Federal Adjusted Gross In-

·Adds “the manufacturing of alternative energy products for

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

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

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

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

Please see the federal tax change section for more informa-

nition of a “business enterprise”.

tion.

·Specifies that taxpayers that initially claimed this credit for

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

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

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

for disability income received by a disabled veteran who is a

any credits claimed in subsequent taxable years related to

citizen and resident of Georgia to the extent the income is

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

included in Federal Adjusted Gross Income. “Disabled vet-

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

eran” means:

·Any wartime veteran who was discharged under honorable

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

conditions and who has been adjudicated by the United States

·Provides that where the amount of credit exceeds 50 percent

Department of Veterans Affairs as being at least 90 percent

of the business enterprise’s remaining Georgia net income

totally

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

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

and permanently disabled and entitled to receive service con-

holding.

nected benefits; or

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

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

statutory award from the United States Department of Veter-

credit):

ans Affairs for:

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

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

the definition of “broadcasting”.

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

·Adds “the manufacturing of alternative energy products for

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

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

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

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

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

nition of a “business enterprise”.

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

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

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

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

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

eas) to claim the port activity tax credit.

eter of visual field subtends on angular distance no greater

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

than 20 degrees in the better eye.

credit):

This bill is applicable to taxable years beginning on or after

·Eliminates the requirement that a new quality job have no

January 1, 2013.

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

·Specifies that taxpayers that initially claimed this credit for

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

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

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

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

provisions regarding the following state income tax credits.

any credits claimed in subsequent taxable years related to

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

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

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

·Adds “the manufacturing of alternative energy products for

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

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

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

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

This bill is applicable to taxable years beginning on or after

terprise”.

January 1, 2012.

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

five jobs to two jobs.

Page 3

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

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