Form It-6211s - S Corporation Income Tax Forms And General Instructions

NEW INFORMATION

2011 Legislation

HB 117 (O.C.G.A. § 48-7-128) The income tax portion of this bill (see

Section 3 amends Code Section 48-7-29.12 (the conservation tax credit)

Section 2-1) provides, with respect to the nonresident withholding on the

by specifying that tax credits earned by a taxpayer and previously

sale or transfer of real estate, that the person or entity identified as the

claimed but not used by such taxpayer against such taxpayer’s income

seller on the settlement statement shall be considered the seller for all

tax may be transferred or sold in whole or in part by such taxpayer to

purposes regarding Code Section 48-7-128. This bill became effective

another Georgia taxpayer, subject to the following conditions:

upon its approval by the Governor on May 13, 2011.

·The transferor shall submit to the Department a written notification of any

transfer or sale of tax credits within 30 days after the transfer or sale of

HB 168 (O.C.G.A. § 48-1-2) The income tax portion of this bill (see Section

such tax credits. The notification shall include such transferor’s tax

1), for taxable years beginning on or after January 1, 2010, adopts cer-

credit balance prior to transfer, the remaining balance after transfer, all

tain provisions of all federal acts (as they relate to the computation of

tax identification numbers for each transferee, the date of transfer, the

Federal Adjusted Gross Income (AGI) or federal taxable income for non-

amount transferred, and any other information required by the Depart-

individuals) that were enacted on or before January 1, 2011. The income

ment.

tax portion of this bill became effective upon its approval by the Governor

·Failure to comply with this subsection shall result in the disallowance of

and is applicable to taxable years beginning on or after January 1, 2010.

the tax credit until the taxpayer is in full compliance.

Please see the “Federal Tax Changes” section for more information

·In no event shall the amount of the tax credit claimed and allowed for a

taxable year exceed the transferee’s income tax liability. Any unused

HB 325 (O.C.G.A. §§ 20-2A-1 through 20-2A-7, and 48-7-29.16). This

credit may be carried forward to subsequent taxable years provided that

bill makes changes to the Qualified Education Expense Credit. The princi-

the transfer or sale

this tax credit does not extend the time in which

pal changes are as follows:

such tax credit can be used. The carry-forward period for the tax credit

·Makes various changes to the provisions relating to the Student Scholar-

that is transferred or sold shall begin on the date on which the tax credit

ship Organizations.

was originally earned.

·Provides that the annual maximum amount (amount of tax credits allowed

·A transferee shall have only such rights to claim and use the tax credit

per tax year) shall be adjusted annually until January 1, 2018, which

that were available to the transferor at the time of the transfer. To the

adjustment may be based on the most recent annual percentage change

extent that such transferor did not have rights to claim or use the tax

in the Consumer Price Index for All Urban Consumers, U.S. City Average

credit at the time of the transfer, the Department shall either disallow the

All Items Index, published by the Bureau of Labor Statistics of the United

tax credit by the transferee or recapture the tax credit from the trans-

States Department of Labor, as determined by DOR.

feree. The transferee’s recourse is against the transferor.

·Specifies that the Department shall provide written notice to the taxpayer

and the SSO of the taxpayer’s preapproval or denial which shall not

Section 3 became effective on January 1, 2012 and is applicable to tax-

require any signed release or notarized approval by the taxpayer.

able years beginning on or after January 1, 2012.

·Changes the number of days the taxpayer has to make the contribution

after receiving preapproval from 30 days to 60 days but the contribution

Section 3A amends Code Section 48-7-29.14 (the Clean Energy Property

must still be made within the calendar year in which it was approved.

and Wood Residuals Credit) as follows:

·Provides that the Department shall establish a web-based donation ap-

·Extends the clean energy property tax credit to clean energy property

proval process.

placed into service by December 31, 2014 (current law provides the

·Specifies that the Department shall maintain an ongoing, current list on its

credit is allowed for clean energy property placed into service between

website of the amount of tax credits available.

July 1, 2008 and December 31, 2012).

·Provides that the Department shall not take any adverse action against

·Specifies that the clean energy property tax credit allowed for calendar

donors to SSOs if the Commissioner preapproved a donation for a tax

years 2012, 2013, and 2014 must be taken in four equal installments over

credit prior to the date the SSO is removed from the DOE list, and all such

four successive taxable years beginning with the taxable year in which

donations shall remain as preapproved tax credits subject to the donors

the credit is allowed.

compliance with Code Section 49-7-29.16(f)(3).

·Specifies that in no event shall the total amount of tax credits approved

by the Commissioner for credits earned in calendar years 2012, 2013,

This bill became effective upon its approval by the Governor and is appli-

and 2014 exceed $5 million.

cable to taxable years beginning on or after January 1, 2011.

·Provides that if a taxpayer is denied all or part of the credit amount

because the credit cap has been reached, the Commissioner shall add

HB 346 (O.C.G.A. §§ 48-2-15, 48-7-1, 48-7-29.12, 48-7-29.14, 48-7-60)

the taxpayer to a waiting list, prioritized by the date of the taxpayer’s

Section 2 amends the provisions of Code Section 48-7-1(11)(E) relating to

application. Taxpayers on the waiting list shall have priority over other

deferred compensation and stock option income received by nonresi-

taxpayers who apply for the credit for an installation in the subsequent

dents as follows:

years. (Current law provides for a reapplication process where taxpay-

·Defines the terms “Deferred compensation” and “nonqualified deferred

ers that are denied because the credit cap has been reached can reapply

compensation plan”,

and have priority in the year of such reapplication.)

·Provides that subparagraph (E) shall apply only to the portion of stock

option income or deferred compensation income earned on or after Janu-

Section 3A became effective upon its approval by the Governor and is

ary 1, 2011, for stock options granted and deferred compensation plans

applicable to taxable years beginning on or after January 1, 2011.

established before January 1, 2011,

·Authorizes the Commissioner to promulgate a rule or regulation employ-

ing a “days worked in Georgia” method for determining the amount of

income of a taxable nonresident, and

·Requires employers to withhold Georgia income tax on deferred com-

pensation and stock option income which are required to be included in

Georgia income of taxable nonresidents.

Section 2 became effective upon its approval by the Governor and is

applicable to taxable years beginning on or after January 1, 2011.

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Form It-6211s - S Corporation Income Tax Forms And General Instructions - 2011 Page 3

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