Georgia

Georgia Entertainment Tax Credit Summary

• Income tax offset
• Sunset date: None
• Credit must be utilized during year generated or anytime within the 3-Year carryforward period
• Transferable tax credit (one-time)
• Tax Credit Certification by GA DOR required for new projects except for the following phase-in rules for smaller projects:
  • Final tax credit certification is not required for any project that is certified by the Film Office from 1/1/21 to 12/31/21 if it seeks $2.5 million or less in tax credits through its DOR tax credit application.
  • Final tax credit certification is not required for any project that is certified by the Film Office from 1/1/22 to 12/31/22 if it seeks $1.25 million or less in tax credits through its DOR tax credit application.

Georgia Low Income Housing Tax Credit Summary

• Applicable against income taxes of any taxpayer and insurance gross premiums taxes.
• May offset 100% of taxpayer’s liability.
• Excess credits carry forward for three years.
• Credits can be purchased in one to five year increments – though one year purchases typically make the most sense.
• Great for corporations or individuals subject to the AMT or regular income tax.
• One-third of credits subject to recapture though that is not an issue because taxpayer is invested in a diversified portfolio of these credits.

Georgia Historic Rehabilitation Tax Credit Summary

• Applicable against the Georgia income tax liability of any individual, corporation or trust.
• May offset 100% of a taxpayer’s liability.
• Excess credits carry forward for ten years.
• Credits purchased in one year increments.
• Recapture is the responsibility of the developer and specifically stated in the statute.
• Credits can be used in the year they are purchased; the year they were created or any year in between to the extent it doesn’t surpass the 10 year carry-forward rule.