GA HB965

Exempts estates of decedents and testamentary trusts from Georgia's estimated income tax payment requirement for any taxable year ending within two years of the decedent's date of death

Changes the basis for withholding tax on nonresident members of partnerships, S corporations, and LLCs from distributions paid or credited to the nonresident member's share of taxable income sourced to Georgia, whether distributed or not

Sets the withholding tax rate at 4% of the nonresident member's share of taxable income sourced to Georgia and exempts nonresident members whose share of Georgia-sourced taxable income is less than $1,000

Eliminates the monthly remittance requirement for withholding on distributions actually paid, instead requiring all withholding to be due by the entity's income tax return filing deadline (without regard to extensions)

Section 2 (withholding changes) applies retroactively to all taxable years beginning on or after January 1, 2012, while the Act as a whole takes effect upon the Governor's approval