REVENUE AND TAXATION Income, Sales, and Use Taxes: Provide for Certain Technical Corrections and Modifications; Provide for Proper Administration of Certain Provisions Regarding Revenue and Taxation; Revise and Clarify Tax Liability for Limited Liability Entities; Allow Allocation and Apportionment Agreements with Taxpayers Other Than Corporations; Revise Income Tax Credit Provisions for Businesses in Certain Counties and Less Developed Areas; Revise Income Tax Credit Provisions for the Establishment or Relocation of Taxpayer Headquarters; Authorize Claiming of Certain Income Tax Credits on a Calendar Year Basis for a Certain Tax Year; Clarify the Relief from Joint and Several Liability on Joint Returns for Innocent Spouses When Applicable; Clarify the Phased-In Exemption for Certain Repair or Replacement Parts; Clarify the Exemption for Tangible Personal Property Acquired Under 100 Percent Common Ownership; Clarify the Exemption for Certain Sales or Leases of Computer Equipment to Certain High Technology Companies; Clarify the Exemption with Respect to the Sale of Certain Machinery, Equipment, and Materials Incorporated Into and Used in the Construction and Operation of Certain Clean Rooms; Extend the Date for Distribution of Certain Identifiable Sales and Use Tax Proceeds; Provide for Effective Dates

Authors

Georgia State University Law Review

Document Type

Peach Sheet

Abstract

The Act provides for certain technical corrections and modifications to Georgia's income tax and sales and use tax laws. The Act also contains provisions relating to the proper administration of revenue and taxation. The Act revises and clarifies the level of tax liability for limited liability partnerships and limited liability companies. Under the Act, the tax commissioner can enter into allocation and apportionment agreements with taxpayers other than corporations. The Act also revises tax credit provisions relating to businesses located in certain counties and areas designated as less developed areas, relating to taxpayer headquarters relocations, and relating to calendar years. The Act clarifies several exemptions including: the phased-in exemption of certain repair or replacement parts; the exemption for tangible personal property acquired under 100 percent common ownership; the exemption for certain sales or leases of computer equipment to certain high-technology companies; and the exemption with respect to the sale of certain machinery, equipment, and materials incorporated into and used in the construction and operation of certain clean rooms. Finally, the Act extends the date for distribution of certain identifiable sales and use tax proceeds.

Recommended Citation

Georgia State University Law Review, REVENUE AND TAXATION Income, Sales, and Use Taxes: Provide for Certain Technical Corrections and Modifications; Provide for Proper Administration of Certain Provisions Regarding Revenue and Taxation; Revise and Clarify Tax Liability for Limited Liability Entities; Allow Allocation and Apportionment Agreements with Taxpayers Other Than Corporations; Revise Income Tax Credit Provisions for Businesses in Certain Counties and Less Developed Areas; Revise Income Tax Credit Provisions for the Establishment or Relocation of Taxpayer Headquarters; Authorize Claiming of Certain Income Tax Credits on a Calendar Year Basis for a Certain Tax Year; Clarify the Relief from Joint and Several Liability on Joint Returns for Innocent Spouses When Applicable; Clarify the Phased-In Exemption for Certain Repair or Replacement Parts; Clarify the Exemption for Tangible Personal Property Acquired Under 100 Percent Common Ownership; Clarify the Exemption for Certain Sales or Leases of Computer Equipment to Certain High Technology Companies; Clarify the Exemption with Respect to the Sale of Certain Machinery, Equipment, and Materials Incorporated Into and Used in the Construction and Operation of Certain Clean Rooms; Extend the Date for Distribution of Certain Identifiable Sales and Use Tax Proceeds; Provide for Effective Dates, 18 Ga. St. U. L. Rev. (2012).
Available at: https://readingroom.law.gsu.edu/gsulr/vol18/iss1/49