Amount of Corporate Net Worth Tax; Amount for Taxable Period Less Than Six Months

  1. Law
  2. Georgia Code
  3. Revenue and Taxation
  4. Specific, Business, and Occupation Taxes
  5. Corporate Net Worth Tax
  6. Amount of Corporate Net Worth Tax; Amount for Taxable Period Less Than Six Months

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  1. The tax imposed by this article shall be based upon corporate net worth according to the following table:
  2. With respect to any corporation coming into existence or becoming subject to the tax for the first time for an initial taxable period of less than six months, the tax imposed for such period shall be 50 percent of the tax imposed by this article for an entire year.

Corporations with Net Worth Amount Including Issued Capital Stock, of Tax Paid-in Surplus, and Earned Surplus ----------------------------------- ------ Over $100,000.00 and not exceeding $150,000.00 $ 125.00 Over $150,000.00 and not exceeding $200,000.00 150.00 Over $200,000.00 and not exceeding $300,000.00 200.00 Over $300,000.00 and not exceeding $500,000.00 250.00 Over $500,000.00 and not exceeding $750,000.00 300.00 Over $750,000.00 and not exceeding $1,000,000.00 500.00 Over $1,000,000.00 and not exceeding $2,000,000.00 750.00 Over $2,000,000.00 and not exceeding $4,000,000.00 1,000.00 Over $4,000,000.00 and not exceeding $6,000,000.00 1,250.00 Over $6,000,000.00 and not exceeding $8,000,000.00 1,500.00 Over $8,000,000.00 and not exceeding $10,000,000.00 1,750.00 Over $10,000,000.00 and not exceeding $12,000,000.00 2,000.00 Over $12,000,000.00 and not exceeding $14,000,000.00 2,500.00 Over $14,000,000.00 and not exceeding $16,000,000.00 3,000.00 Over $16,000,000.00 and not exceeding $18,000,000.00 3,500.00 Over $18,000,000.00 and not exceeding $20,000,000.00 4,000.00 Over $20,000,000.00 and not exceeding $22,000,000.00 4,500.00 Over $22,000,000.00 5,000.00

(Ga. L. 1929, p. 84, § 1; Ga. L. 1931, Ex. Sess. p. 76, § 1; Code 1933, §§ 92-2401, 92-2403; Ga. L. 1935, p. 11, § 2; Ga. L. 1941, p. 204, § 1; Ga. L. 1951, p. 157, § 5a; Ga. L. 1952, p. 371, § 1; Ga. L. 1953, Jan.-Feb. Sess., p. 290, § 6; Ga. L. 1953, Jan.-Feb. Sess., p. 295, § 1; Code 1933, § 92-2401, enacted by Ga. L. 1976, p. 1580, § 1; Code 1933, § 91A-6304, enacted by Ga. L. 1978, p. 309, § 2; Ga. L. 1979, p. 5, § 108; Ga. L. 2017, p. 637, § 2-3/SB 133.)

The 2017 amendment, effective January 1, 2018, deleted "Not exceeding $10,000.00 . . . .$10.00; Over $10,000.00 and not exceedi $25,000.00 . . . .20.00; Over $25,000.00 and not exceedin $40,000.00 . . . .40.00; Over $40,000.00 and not exceedin $60,000.00 . . . .60.00; Over $60,000.00 and not exceedin $80,000.00 . . . .75.00; Over $80,000.00 and not exceedin $100,000.00 . . . .100.00" from the table in subsection

Editor's notes.

- Ga. L. 2017, p. 637, § 3-1(b)/SB 133, not codified by the General Assembly, provides, in part, that this Act shall be applicable to all taxable years beginning on or after January 1, 2018.

OPINIONS OF THE ATTORNEY GENERAL

Corporation must pay a minimum tax of $10.00, even though the corporation has a negative net worth. 1954-56 Op. Att'y Gen. p. 706.

No refund on liquidation or merger.

- Corporation that liquidates or merges with another corporation during a taxable year is not entitled to a refund of a pro rata part of the annual corporate license or occupation tax. 1969 Op. Att'y Gen. No. 69-481.

RESEARCH REFERENCES

Am. Jur. 2d.

- 71 Am. Jur. 2d, State and Local Taxation, §§ 155 et seq., 170 et seq.


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