Georgia DOR Proposes to Amend Regulations Regarding Filing Consolidated Corporate Income Tax Returns

The Georgia Department of Revenue Jan. 16 proposed to amend a regulation concerning the filing of consolidated corporate income tax returns, conform the rule with current Georgia law, and to clarify certain provisions in the rule. The proposal includes measures to: 1) specify the process of filing consolidated returns and making the election to file consolidated returns; 2) specify the five-year binding period of the election; 3) provide for consolidation of separate company income or loss on a post-apportionment basis and for separately reporting and calculating group members’ net worth tax; 4) specify the rules for earning, claiming, and assigning ...