Lee Anderson voted Yea (Passage) on this Legislation.
Title: Requires Corporations in the State have the Same Tax Rate as Individuals
Vote to pass a bill that requires corporations in the state have the same tax rate as residents living in the state of Georgia.
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).
Title: Requires Corporations in the State have the Same Tax Rate as Individuals
Vote to pass a bill that requires corporations in the state have the same tax rate as residents living in the state of Georgia.
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).
Title: Requires Corporations in the State have the Same Tax Rate as Individuals