Loading chat...
GA HB1058
Bill
Status
Passed
5/5/2022
Primary Sponsor
Bruce Williamson
Click for details
AI Summary
- Removes the prior requirement that affiliated corporations in Georgia must file separate state income tax returns unless the Department of Revenue preapproved or requested consolidated filing
- Allows "Georgia affiliated groups" — corporations that are members of a federal consolidated group, subject to Georgia taxation, and share the same taxable year — to voluntarily elect to file either separate or consolidated Georgia corporate income tax returns
- Makes the election to file a consolidated Georgia return irrevocable and binding on both the taxpayer and the Department of Revenue for five years, after which it automatically terminates and may be reelected
- Requires each member of a Georgia affiliated group to compute income allocation and apportionment separately, with a member's taxable loss deductible against another member's income only to the extent such loss is apportioned and allocated to Georgia; all members are jointly and severally liable for the group's tax liability
- Applies to taxable years beginning on or after January 1, 2023, and explicitly prohibits the Department of Revenue from compelling consolidated filing or construing the law as allowing combined unitary returns
Legislative Description
Income tax; affiliated corporations file separate or consolidated returns; provisions
Last Action
Effective Date 2022-05-05
5/5/2022
Committee Referrals
Finance3/4/2022
Ways and Means1/27/2022
Full Bill Text
No bill text available