Loading chat...
GA HB849
Bill
Status
Passed
5/3/2018
Primary Sponsor
Allen Peake
Click for details
AI Summary
- Requires partnerships and their direct and indirect partners to report final federal partnership audit adjustments to the Georgia commissioner within 90 days (for the audited partnership) or 180 days (for direct partners) of the final determination date
- Allows audited partnerships or tiered partners to elect to pay Georgia income tax on behalf of their partners at a rate of 6 percent on the total adjusted amounts, with the election being irrevocable
- Authorizes the Georgia commissioner to conduct state partnership audits at the partnership or pass-through entity level for taxable years beginning on or after January 1, 2017, with adjustments determined in the same manner as federal partnership-level audits under IRC Section 6221
- Establishes assessment and refund limitation periods tied to the filing of federal adjustments reports, including a five-year window (absent fraud) from the date the IRS notifies the commissioner for untimely or incomplete reports
- Exempts partnership-level federal adjustments from the general federal change reporting provisions of Code Section 48-7-82 and instead creates a dedicated reporting framework under Code Section 48-7-53, effective upon the Governor's approval
Legislative Description
Income tax; reporting of federal partnership adjustments; provisions
Last Action
Effective Date
5/3/2018
Full Bill Text
No bill text available