The Act provides a definition for periodic payment concerning pensions, annuities, taxable fringe benefits, interest, and dividends. A payor of a periodic payment must withhold taxes from such payment in the same manner as if the payment were wages paid to an employee. Further, the Act includes an option for the payee to avoid withholding. The Act provides authorization to the Commissioner of the Georgia Department of Revenue to prescribe forms and promulgate rules and regulations setting forth requirements for withholding and making elections.
Jeffrey A. Hannah,
REVENUE AND TAXATION Income Taxes: Withholding Requirements for Certain Periodic Payments,
Ga. St. U. L. Rev.
Available at: https://readingroom.law.gsu.edu/gsulr/vol11/iss1/27