Georgia

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.

Georgia Entertainment Tax Credit Summary

• Income tax offset
• Sunset date: None
• Credit must be utilized during year generated or anytime within the 5-Year carryforward period
• Transferable tax credit (one-time)
• No tax credit usage limitations
• Limited recapture applies for DOR voluntary reviewed tax credits