Vote Smart's Synopsis:

Vote to pass a bill that requires corporations in the state have the same tax rate as residents living in the state of Georgia.

Highlights:

• Requires every domestic and foreign corporation to pay an annual income tax on its Georgia taxable net income (Sec. 1). 

• Establishes that the aforementioned annual net income be at the same rate of the tax imposed on individuals for the corresponding taxable year (Sec. 1). 

• Authorizes the Official Code of Georgia to include: taxation of partnerships, computation of net income, disallowance of charitable contributions, individual liability of partners, individual returns of distributive shares, taxable years, and elections (Sec. 2). 

• Establishes a penalty for failure to file a timely return, rate, maximum, failure due to reasonable cause, reduction of tax due by partial payments, and application of federal return extensions, as follows (Sec. 3): 

• No penalty due to late filing shall be placed onto a taxpayer if the taxpayer attaches to the state return a copy of an approved extension of time which has been granted by the Internal Revenue Service; and 

• Files within his state return within the period specified in the extension, tax years beginning on January 1, 2025, in the case of a corporate taxpayer within the period specified in the extension, plus one month. 

• Prohibits any of the aforementioned to allow a taxpayer to defer payment of a corporate income tax (Sec. 3). 

• Establishes the effective date as July 1, 2024 (Sec. 4).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that requires corporations in the state have the same tax rate as residents living in the state of Georgia.

Highlights:

• Requires every domestic and foreign corporation to pay an annual income tax on its Georgia taxable net income (Sec. 1). 

• Establishes that the aforementioned annual net income be at the same rate of the tax imposed on individuals for the corresponding taxable year (Sec. 1). 

• Authorizes the Official Code of Georgia to include: taxation of partnerships, computation of net income, disallowance of charitable contributions, individual liability of partners, individual returns of distributive shares, taxable years, and elections (Sec. 2). 

• Establishes a penalty for failure to file a timely return, rate, maximum, failure due to reasonable cause, reduction of tax due by partial payments, and application of federal return extensions, as follows (Sec. 3): 

• No penalty due to late filing shall be placed onto a taxpayer if the taxpayer attaches to the state return a copy of an approved extension of time which has been granted by the Internal Revenue Service; and 

• Files within his state return within the period specified in the extension, tax years beginning on January 1, 2025, in the case of a corporate taxpayer within the period specified in the extension, plus one month. 

• Prohibits any of the aforementioned to allow a taxpayer to defer payment of a corporate income tax (Sec. 3). 

• Establishes the effective date as July 1, 2024 (Sec. 4).

Full Bill Text