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Legislative Intent to Tax All Depository Financial Institutions Equally; Interim Special Tax Limitation for Savings and Loan Associations

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It is the intent of the General Assembly of the State of Georgia that depository financial institutions shall be taxed in the same manner and to the same extent for purposes of state taxation. It is the further intent of the General Assembly of Georgia that depository financial institutions shall be taxed in the same manner and to the same extent by the individual political subdivisions in which they have an office or place of business; provided, however, that the following distinctions shall be made to recognize differences between banks and savings and loan associations:

Any appropriate distinctions made elsewhere in this chapter; and
For a period of three years from January 1, 1984, the aggregate gross receipts taxes payable by any savings and loan association under the provisions of this chapter shall not be in excess of an amount that would be raised by a current ad valorem tax imposed upon the net worth of said association. As used in this chapter, the term "net worth" means all surplus, undivided profits, and reserves exclusive of any reserve required by any federal or state statute or regulation in force as of January 1, 1980, which statute or regulation was applicable to such federal or state-chartered association, and minus the fair market value of all real estate or equity therein owned by the association.

(Code 1981, §48-6-98, enacted by Ga. L. 1983, p. 1350, § 10; Ga. L. 1984, p. 22, § 48.)

OPINIONS OF THE ATTORNEY GENERAL

Effect on

§ 48-6-93(a). - O.C.G.A. § 48-6-98 operates to qualify or restrain the general terms of O.C.G.A. § 48-6-93(a) as applied to savings and loan associations. 1984 Op. Att'y Gen. No. 84-58.

CHAPTER 7 INCOME TAXES Article 1 General Provisions.

48-7-1. Definitions.
48-7-2. Failure of person to pay tax, file return, keep records, supply information, or exhibit books under this chapter; penalty.
48-7-3. Unlawful assisting, procuring, counseling, or advising in filing income tax return under chapter; penalty.
48-7-4. Unlawful disregard of rules and regulations of commissioner in preparing returns under this chapter; penalty.
48-7-5. Evasion of income tax, penalty, interest, or other amount in excess of $3,000.00
48-7-6. License or registration extensions for National Guard members and reservists on active duty.

Article 2 Imposition, Rate, and Computation; Exemptions. Article 3

48-7-20. (For effective date, see note.) Individual tax rate; tax table; credit for withholding and other payments; applicability to estates and trusts.
48-7-21. (For effective date, see note.) Taxation of corporations.
48-7-21.1. Definitions; compensation paid by taxpayer disallowed as business expense; applicability.
48-7-22. Taxation of fiduciaries; rate; taxable net income of estate or trust; exemptions; computation of net income; when taxable year of beneficiary differs from that of estate or trust; tax as charge against estate or trust.
48-7-23. Taxation of partnerships; computation of net income; disallowance of charitable contributions; individual liability of partners; individual returns of distributive shares; when taxable year of partner differs from that of partnership.
48-7-24. Nonresident members of resident partnerships; resident members of nonresident partnerships.
48-7-25. Exempt corporations and organizations; procedure for obtaining exempt status; revocation of exempt status; grounds; retroactivity; statute of limitations; information returns; unrelated business income; deductibility of death benefit payments.
48-7-26. Personal exemptions.
48-7-27. Computation of taxable net income.
48-7-28. Reciprocity.
48-7-28.1. Tax benefit.
48-7-28.2. Employer social security credits.
48-7-28.3. Expenses from transactions with related members.
48-7-28.4. Adjustments to taxes; disallowing expenses paid to certain real estate investment trusts; procedures, conditions, and limitations.
48-7-29. Tax credits for rural physicians.
48-7-29.1. Retrofitting certain single- family homes with accessibility features.
48-7-29.2. Tax credit for qualified caregiving expenses.
48-7-29.3. Tax credit for federal qualified transportation fringe benefits. [Repealed].
48-7-29.4. Tax credit for disaster assistance funds received; rules and regulations.
48-7-29.5. Tax credit for private driver education courses of minors; required documentation; rules and regulations [Repealed].
48-7-29.6. Tax credit for qualified low-income building.
48-7-29.7. Tax credit for depository financial institutions.
48-7-29.8. (Effective until December 31, 2021) Tax credits for the rehabilitation of historic structures; conditions and limitations.
48-7-29.8. (Effective after December 31, 2021) Tax credits for the rehabilitation of historic structures; conditions and limitations.
48-7-29.9. Tax credit for qualified life insurance premiums for National Guard and Air National Guard members.
48-7-29.10. Credit for qualified child and dependent care expenses; carryover of credit prohibited.
48-7-29.11. Income tax credits for teleworking; definitions; powers and duties.
48-7-29.12. Tax credit for qualified donation of real property; carryover of credit; appraisals; transfer of credit; penalty.
48-7-29.13. Tax credit for qualified health insurance expenses.
48-7-29.14. Income tax credit for clean energy property.
48-7-29.15. Tax credit for adoption of foster child.
48-7-29.16. Qualified education tax credit.
48-7-29.17. Tax credit for purchase of one eligible single-family residence.
48-7-29.18. Tax credit for purchasers of alternative fuel heavy duty and medium duty vehicles.
48-7-29.19. Procedures, conditions, and limitations on amount of tax credits for purchasers of alternative fuel vehicles.
48-7-29.20. (Repealed effective December 31, 2024) Tax credits for contributions to rural hospital organizations.
48-7-29.21. (Repealed effective December 31, 2023) Tax credits for qualified education donations.
48-7-29.22. (Repealed effective December 31, 2023) Tax credit for preceptor rotations; implementation; regulation; expiration.
48-7-30. Taxation of nonresident's entire net income derived from activities within state; separate accounting possible; applicability; allowed deductions; applicability of provisions for corporations to nonresidents.
48-7-31. Taxation of corporations; allocation and apportionment of income; formula for apportionment.
48-7-31.1. Conditions for allocating taxpayer's income pursuant to agreement; public inspection; criteria for evaluating proposals.
48-7-32. Taxation of railroad and public service corporations; computation of net income where business is within and outside state; net income for all other such corporations.
48-7-33. Annual accounting periods.
48-7-34. Returns of corporations and nonresidents based upon books of account; application to commissioner; time; contents.
48-7-35. Application for permission to use other method of allocation by corporation or nonresident; contents; effect of failure to receive notice of rejection.
48-7-36. Tolling of time limits for filings by reason of war related service in armed forces.
48-7-37. Taxes due from members of armed forces dying on active duty; applicability of tax to particular taxable years; assessment of unpaid taxes; abatement; credit or refund of collected payments.
48-7-38. Deduction for payments to minority subcontractors; certification as minority subcontractor.
48-7-39. Depreciation of property placed in service in prior tax years.
48-7-40. Designation of counties as less developed areas; tax credits for certain business enterprises.
48-7-40.1. Tax credits for business enterprises in less developed areas.
48-7-40.1A. Job tax credit for PPE manufacturers.
48-7-40.2. Tax credits for existing manufacturing and telecommunications facilities in tier 1 counties; conditions and limitations.
48-7-40.3. Tax credits for existing manufacturing and telecommunications facilities in tier 2 counties; conditions and limitations.
48-7-40.4. Tax credits for existing manufacturing and telecommunications facilities or manufacturing and telecommunications support facilities in tier 3 or 4 counties; conditions and limitations.
48-7-40.5. Tax credits for employers providing approved retraining programs.
48-7-40.6. Tax credits for employers providing child care.
48-7-40.7. Optional tax credits for existing manufacturing and telecommunications facilities in tier 1 counties; conditions and limitations.
48-7-40.8. Optional tax credits for existing manufacturing and telecommunications facilities in tier 2 counties; conditions and limitations.
48-7-40.9. Optional tax credits for existing manufacturing and telecommunications facilities or manufacturing and telecommunications support facilities in tier 3 and 4 counties; conditions and limitations.
48-7-40.10. Tax credit for water conservation facilities and qualified water conservation investment property.
48-7-40.11. Tax credit for shift from ground-water usage [Repealed].
48-7-40.12. Tax credit for qualified research expenses.
48-7-40.13. "Business enterprise" defined; tax credit [Repealed].
48-7-40.14. Calculation of new full-time jobs.
48-7-40.15. Alternative tax credits for base year port traffic increases; conditions and limitations.
48-7-40.15A. Additional job tax credit based on increase in port traffic; conditions and limitations.
48-7-40.16. Income tax credits for low-emission vehicles.
48-7-40.17. Establishing or relocating quality jobs; tax credit.
48-7-40.18. Tax credit for businesses headquartered in state; full-time jobs.
48-7-40.19. Diesel particulate emission reduction technology equipment; tax credit [Repealed].
48-7-40.20. Credit against taxes for businesses engaged in manufacturing cigarettes for exportation; amount; required information.
48-7-40.21. Tax credits for existing business enterprises undergoing qualified business expansion; recapture; application of credit.
48-7-40.22. Credit to business enterprises for leased motor vehicles; daily ridership; implementation.
48-7-40.23. Election to count new jobs on calendar year basis.
48-7-40.24. Conditions for taking job tax credit by business enterprises; calculating credit.
48-7-40.25. Conditions for credit for business enterprises with existing manufacturing facilities; calculating credit.
48-7-40.26. (For effective date, see note.) Tax credit for film, gaming, video, or digital production in state.
48-7-40.26A. Tax credit for postproduction expenditures.
48-7-40.27. Tax credit for qualified investments.
48-7-40.28. Limitation on credit for qualified investment tax credit.
48-7-40.29. (For effective date, see note.) Income tax credits for certain qualified equipment that reduces business or domestic energy or water usage.
48-7-40.30. Income tax credit for certain qualified investments for limited period of time.
48-7-40.31. Income tax credit for employing qualified parolee.
48-7-40.32. Revitalization zone tax credits.
48-7-40.33. (Repealed effective January 1, 2023) Tax credits for musical or theatrical performances.
48-7-40.34. Tax credit for Class III railroads; reporting.
48-7-40.35. Credit for qualified employers; conditions and limitations to credit; requirements for being qualified employer.
48-7-40.36. Income tax credits for timber producers incurring losses from Hurricane Michael.
48-7-41. Basic skills education program credits [Repealed].
48-7-42. Affiliated entity defined; assignment of corporate income tax credit; carryover of unused credit; joint and severable liability.

Returns and Furnishing of Information.

48-7-50. Persons required to file returns; filing of copies of all or part of taxpayers' federal tax returns.
48-7-51. Corporation returns; contents; consolidated returns of two or more corporations; returns by receivers, trustees, and assignees; collection.
48-7-52. Returns by corporations of information concerning dividend payments; oath; contents.
48-7-53. Partnership returns; contents; oath; reporting of final federal adjustments; administrative adjustment request; rules and regulations.
48-7-54. Electronic filing for nonindividual taxpayers.
48-7-55. Required questions on returns for individuals [Repealed].
48-7-56. Time and place of filing returns; extensions; tentative returns; extensions for members of armed forces; estimated returns.
48-7-57. Penalty for failure to file timely return; rate; maximum; failure due to reasonable cause; reduction of tax due by partial payment, credit, or other penalty; applicability of federal return extension to state return.
48-7-57.1. Filing of returns which are frivolous or desire to impede the administration of state income tax laws.
48-7-58. Taxpayer activities distorting true net income; proper computation by commissioner; determination of taxable income of corporations engaging in improper activities; consideration of potential reasonable profits.
48-7-59. Examination of federal income tax returns.
48-7-60. Confidentiality of tax information; exceptions; authorized inspection by certain officials; conditions; furnishing information to local tax authorities; conditions; furnishing information to nonofficials; conditions; effect of Code section.
48-7-61. Unlawful divulging of confidential information concerning income taxes under Code Section 48-7-60; penalties.
48-7-62. Contributions to be Georgia National Guard Foundation.
48-7-63. Taxpayer contributions to permitted stem cell research through income tax payment and refund process.

Article 4 Payment: Deficiencies, Assessment, and Collection. Article 5

48-7-80. Time and place of payment of tax on basis of calendar or fiscal year.
48-7-81. Interest on taxes not timely paid; rate; determination of due date; effect of tax reduction on computation of interest; assessment, collection, and payment of interest on penalties or additions; grace period; assessment and collection period.
48-7-82. Periods of limitation for assessment of taxes; collection by execution; change or correction of net income.
48-7-83. Action for collection of tax out of assets of dissolved corporation; procedure.
48-7-84. Actions in restraint of assessment or collection of income tax.
48-7-85. Authority of commissioner to prorate tax of person moving into or out of state; requirement that taxpayer prorate exemptions; applicability of Code section subject to commissioner's discretion.
48-7-86. Penalty for failure to pay or for underpayment of taxes; rate; reductions of tax by partial payments and credits; penalty for nonpayment after notice and demand; "underpayment" defined; penalties for underpayments; relief of liability on joint return.

Current Income Tax Payment. Article 6

48-7-100. Definitions.
48-7-100.1. Withholding of income tax from retirement benefits of federal annuitants.
48-7-101. Collection of income tax at source; withholding.
48-7-102. Withholding exemption status.
48-7-102.1. Withholding exemptions; rules and regulations; submission of certificates to commissioner.
48-7-103. Quarterly, monthly, and jeopardy returns; tax payments; forms.
48-7-104. Period adjustments for incorrect withholdings or payments.
48-7-105. Statements of wages paid and taxes withheld to employees; time; penalties; enforcement.
48-7-106. Annual and final returns; time; return to be filed upon sale of business; withholding unpaid withholding taxes from purchase prices; penalties for violations.
48-7-107. Filing of returns; persons authorized to sign; verification; furnishing of required forms by commissioner; effect of failure to furnish forms.
48-7-108. Employer's liability.
48-7-109. Effect as to employer's liability of employee's payment of tax not deducted and withheld; effect on employee's income tax liability resulting from employer's failure to withhold tax.
48-7-109.1. Special accounting for withheld tax by employer who fails to deduct, withhold, collect, account for, or pay over taxes as required by article.
48-7-110. Effect of employer's voluntary compliance with requirements of article as to admission of doing business in state.
48-7-111. Employer's records; contents; period of preservation.
48-7-112. Employee refunds and credits; procedures.
48-7-113. Employer refunds and credits; procedure; claim for abatement of overassessment.
48-7-114. Estimated income tax by individuals; procedures.
48-7-115. Time for filing estimated income tax by individuals.
48-7-116. Installment payments of estimated tax by individuals.
48-7-117. Estimated income tax by corporations.
48-7-118. Time for filing declarations of estimated income tax by corporations [Repealed].
48-7-119. Installment payments of estimated tax by corporations.
48-7-120. Failure by taxpayer to pay estimated income tax.
48-7-121. Credit of estimated tax payment; credit or refund of estimated tax overpayment; rate of interest on refund; time.
48-7-122. Nondeductibility to employer of tax deducted and withheld.
48-7-123. Disregard of fractional parts of dollar in allowance of credits or refunds or in assessment or collection of deficiencies or underpayments.
48-7-124. Reciprocal arrangements for relief of taxpayers from operation of income tax payment laws of more than one jurisdiction.
48-7-125. Application of article to short taxable years.
48-7-126. Assessable penalties and interest.
48-7-127. Other violations of article; penalties.
48-7-128. Withholding tax on sale or transfer of real property and associated tangible personal property by nonresidents.
48-7-129. Withholding tax on distributions to nonresident members of partnerships, Subchapter "S" corporations, and limited liability companies.

Local Income Taxes. Article 7

48-7-140. Prohibition of local income taxes.

Setoff Debt Collection. Cross references. - Penalty for disclosure of information obtained by person, corporation, or others engaged in business of preparing federal or state income tax returns or assisting in such preparation, § 16-11-81.

48-7-160. Purposes.
48-7-161. Definitions.
48-7-162. Collection remedy additional.
48-7-162.1. Submission of debts through Administrative Office of the Courts.
48-7-163. Collection of debts through setoff; minimum debt; procedure; exceptions; request for setoff; administrative collection assistance fee.
48-7-164. Procedure for setoffs and notification of taxpayers; certification of debts; transfer of refunds to claimant agency; notice to taxpayers; transferred funds in escrow account; costs borne by claimant agency.
48-7-165. Hearing procedure; adjustments of incorrect debts; nonavailability of hearings before department; issues previously litigated; appeals.
48-7-165.1. Hearing; final determination of debt.
48-7-166. Final determination of debt due; transfer from escrow account to credit of debtor's account of debt due; notice of setoff; contents; refund of excess; disbursement of funds.
48-7-167. Effect of setoff on refund.
48-7-168. Priority of department over claimant agencies for collection by setoff.
48-7-169. Authorization of commissioner to prescribe forms and promulgate rules and regulations.
48-7-170. Confidentiality exemption; providing of necessary information by commissioner to claimant agencies; nondisclosure of information by employees or prior employees of agencies; penalties.

Selection on tax form of nonprofit corporations for contribution, § 20-3-316.1.

Opportunity for taxpayers to contribute to Georgia Land Conservation Trust Fund, § 12-6A-4.

Establishment of plans to provide tax deferral benefits for state, county, or other employees, § 45-18-30 et seq.

Administrative Rules and Regulations.

- Signature requirements for tax returns, Official Compilation of the Rules and Regulations of the State of Georgia, Department of Revenue, Fiscal Operations Division, Substantive Regulations, § 560-3-2-.27.

Law reviews.

- For article, "Federal-Georgia Income Tax Differences: More Than Just a Nuisance," see 20 Ga. St. B. J. 20 (1983). For annual survey on state and local taxation: a two-year survey, see 71 Mercer L. Rev. 279 (2019).

JUDICIAL DECISIONS

Editor's notes.

- In light of the similarity of the statutory provisions, decisions under former Code 1933, Ch. 92-30 through 92-33, which was subsequently repealed but was succeeded by provisions in this chapter, are included in the annotations for this chapter.

Much of the state income tax law is patterned upon the United States Internal Revenue Code of 1954. Carter v. Oxford, 102 Ga. App. 762, 118 S.E.2d 216 (1960), aff'd, 216 Ga. 821, 120 S.E.2d 298 (1961) (decided under former Code 1933, Ch. 92-30 through 92-33).

No intent to tax income earned outside state by domestic corporation.

- It is not the purpose and intent of former Code 1933, Ch. 92-30 through 92-33 to tax the net income of a domestic corporation derived from property owned or business done outside the territorial limits of this state, although this may constitutionally be done, as regards a domestic corporation. Interstate Bond Co. v. State Revenue Comm'n, 50 Ga. App. 744, 179 S.E. 559 (1935) (decided under former Code 1933, Ch. 92-30 through 92-33).

"Doing business" construed.

- "Doing business" in order to incur tax liability under statutes imposing taxes on persons doing business in a state means that a foreign corporation must transact some substantial part of the corporation's ordinary business there, and that it must be continuous in character as distinguished from a mere casual or occasional transaction. A series of transactions is not necessarily conclusive on the question of whether the corporation is doing business. Redwine v. United States Tobacco Co., 209 Ga. 725, 75 S.E.2d 556 (1953) (decided under former Code 1933, Ch. 92-30 through 92-33).

OPINIONS OF THE ATTORNEY GENERAL

Editor's notes.

- In light of the similarity of the statutory provisions, opinions under former Code 1933, Ch. 92-99, which was subsequently repealed but was succeeded by provisions in this chapter, are included in the annotations for this chapter.

Elements of proof of criminal violation of income tax laws.

- To sustain a criminal prosecution for violation of the state income tax laws, it must be shown that the violator is subject to the requirements of the laws; that after actual notice the violator failed to comply with the request of the commissioner, and that the violator resides in the county where the proceedings are instituted. 1945-47 Op. Att'y Gen. p. 564 (rendered under former Code 1933, Ch. 92-30 through 92-33).

RESEARCH REFERENCES

ALR.

- Constitutionality, construction, and application provisions of state tax law for conformity with federal income tax law or administrative and judicial interpretation, 42 A.L.R.2d 797.

Damages for breach of contract as affected by income tax considerations, 50 A.L.R.4th 452.

ARTICLE 1 GENERAL PROVISIONS

RESEARCH REFERENCES

ALR.

- Bond or warrant of governmental subdivision as subject of taxation or exemption, 26 A.L.R. 547; 44 A.L.R. 510.

Tax computed upon aggregate income of husband and wife who make joint return as apportionable in respect of liability for its payment, 104 A.L.R. 430.

Retroactive effect of income tax, 109 A.L.R. 523; 118 A.L.R. 1153.

Income tax in respect of corporate earnings returned to stockholding customers in proportion to business transacted, 109 A.L.R. 969.

Validity and construction of statute or ordinance providing for relief of poor persons from taxes, 123 A.L.R. 597.

Valuation of gift property for purposes of gift tax, 60 A.L.R.2d 1304.

Exclusion of meals and lodging from gross income under "convenience of the employer" rule, 84 A.L.R.2d 1215.

What constitutes "reasonable cause" under state statutes imposing penalty on taxpayer for failure to file timely tax return unless such failure was due to "reasonable cause,", 29 A.L.R.4th 413.

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