Georgia DOR Adopts Corporate Income, Individual Income Tax Regulations on Qualified Credits

The Georgia Department of Revenue Dec. 8 adopted regulations on the Qualified Education Expense Credit, the Qualified Rural Hospital Organization Expense Tax Credit, and the Qualified Education Donation Tax Credit for corporate income and individual income tax purposes. The rules include measures: 1) requiring shareholders, partners, or members to exclude income subtracted due to taxes paid at the pass-through entity level for state income determinations; 2) clarifying that the calendar year report must include the total number and dollar value of corporation, trust, S corporation, or partnership contributions and qualified education expense credits preapproved; and 3) applying the rules to ...