Note: A return is required to be filed electronically if the return generates, allocates, claims, utilizes, or includes in any manner a Series 100 credit.
Disregarded Single Member LLC Credit Instructions. If the taxpayer owns or is owned by a disregarded single member LLC, the single member LLC should be disregarded for filing purposes. All credits should be claimed on the owner’s return. All tax credit forms should be filed in the name of the single member LLC but included with the owner’s return. This is necessary so that the returns can be processed and the credits flow to the proper taxpayer.
Note: The Timber Tax Credit (145) is not refundable directly to a partnership. Instead it is refundable to the owners of a partnership (if not purchased).
101 Employer’s Credit for Basic Skills Education. Businesses which provide or sponsor an approved adult basic skills program may receive a tax credit. The program is administered by the Technical College System of Georgia. For taxable years beginning on or after January 1, 2016, taxpayers must request preapproval to claim this credit. This credit should be claimed on Form IT-BE 2016. For more information, refer to O.C.G.A. §48-7-41 and Revenue Regulation 560-7-8-.55.
102 Employer’s Credit for Approved Employee Retraining.
The retraining tax credit allows employers to claim certain costs
of retraining employees to use new equipment new technology, or new operating systems. For tax years beginning on or after January 1, 2009, approved retraining shall not include any retraining on commercially, mass produced software packages for word processing, database management, presentations, spreadsheets, e-mail, personal information management, or computer operating systems except a retraining tax credit shall be allowable for those providing support or training on such software.
The credit is calculated at 50% of the direct costs of retraining full-time employees, up to $500 per employee per approved retraining program per year. For tax years beginning on or after January 1, 2009, there is a cap of $1,250 per year per full-time employee who has successfully completed more than one approved retraining program.
The credit may be utilized up to 50% of the taxpayer’s total state income tax liability for a tax year. For tax years beginning on or after January 1, 2009, the credit must be claimed within 1 year instead of the normal 3 year statute of limitation period. Credits claimed but not used may be carried forward for 10 years. For a copy of the Retraining Tax Credit Procedures Guide, contact the Technical College System of Georgia. This credit should be claimed on Form IT-RC, with Program Completion forms signed by Technical College System of Georgia personnel attached. For more information, refer to O.C.G.A. §48-7-40.5.
103 Employer’s Jobs Tax Credit. This credit provides for a statewide job tax credit for any business or headquarters of any such business engaged in manufacturing, warehousing and distribution, processing, telecommunications, broadcasting, tourism or research
and development industries, but does not include retail businesses. If other requirements are met, job tax credits are available to
businesses of any nature, including retail businesses, in counties recognized and designated as the 40 least developed counties.
Nine Page Document On All Corporate Tax Credits
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