We help companies all over Georgia identify and obtain tax credits. Tax credits maximized. Risk minimized.

Posts Tagged ‘Legislation’

Competitiveness Initiative Update

Filed under: Policy
May 26, 2011

The state’s new Competitiveness Initiative team wants input from you for future economic development plans and related legislation. They will be holding 12 meetings throughout the state, from June 23 in Albany to August 31 in West Point (click here for locations and dates). The format for these meetings will be a facilitated session around the 6 topical areas that the Initiative has identified: business climate, education & workforce development, innovation, infrastructure, international opportunity and growth, and government efficiency and effectiveness. It is requested that presenters utilize these areas in their presentations. If you are interested in helping with Georgia’s economic development future, attend and participate in the meeting nearest you!

DaleSig

Amending, Extending, and Doughnut Holes!

Filed under: Job Tax Credit,Retraining Tax Credit
April 28, 2011

It has gotten more complex to utilize the retraining and job tax credits for prior year amended returns, and 2009 may be a “doughnut hole” for your clients (as in, nothing there – no tax credits can be utilized on amended returns), even though they can still get 2008 credits.

Here is the rule for 2009, 2010 and 2011: your clients can only amend up to one year after the return was due or extended.

Suggestions:

  • Extend if you can (both corporate and individual equity owners) – just in case there are tax credits that you and the client didn’t know about.
  • Before you amend, exercise caution and make sure that tax credit can be utilized.
  • Beg your clients for no surprises!

JimSig

DOR One-Day Session

Filed under: Policy
November 30, 2010

We recently attended the annual IPT Institute for Professionals in Taxation (click here) One-Day Georgia Tax Seminar.

Appearing most likely for the last time as Commissioner, Bart Graham welcomed attendees and also honored Deputy Commissioner Ed Many on his retirement.  We learned about current tax cases from Warren Calvert of the Attorney General’s office and also heard presentations on property taxes, income taxes, and the new Streamlined Sales Tax program.

A.D. Frazier, chairman of The Special Council on Tax Reform and Fairness for Georgians, discussed his group’s efforts and plans to present their recommendations to the 2011 legislature in January.  He was entertaining but basically didn’t reveal anything new.

Since there were not many tax law changes in 2010, the seminar was fairy ho-hum.  But with the looming budget crisis, the Special Council fallout, and who-knows-what-else from the 2011 legislative session, next year’s IPT seminar could be a different story!

DaleSig

Quick Update — Special Council on Tax Reform

Filed under: Policy
October 28, 2010

Notice for 5th Meeting of Special Council on Tax Reform and Fairness for Georgians
This group continues its work on the state’s tax system. Sessions have already been held around the state.  They are getting closer to formulating concrete recommendations.

When:             Wednesday, December 1, 2010
1:00 PM
(The Council will not meet in November)

Where:            Cecil B. Day Hall
Mercer University’s Atlanta Campus
3001 Mercer University Drive
Atlanta, Georgia 30341

Directions click here.

New Tax Credit Laws Start NOW

Filed under: Job Tax Credit,Retraining Tax Credit
September 30, 2010

There has been a lot of confusion about the changes made in the 2009 tax credit laws.  One big item that many of you have asked about involves the “look back” changes affecting when you can amend prior year returns for Retraining (RTC) and Job (JTC) tax credits.  The period was reduced from 3 years to one year.

The key driver is the activity and the tax year when it occurred.

The activity could be:

  • RTC = train employees
  • JTC = headcount increase that meets the threshold for the location

The tax year in which the activity occurred will determine how long the tax return can be amended for RTC and JTC purposes:

  • 2009 = can only amend up to one year after the return was due or extended
  • 2008 or prior years = can amend if the tax return is open (within 3 years)

When things slow down after tax season and year-end tax planning begins, make sure you talk with your clients about 2009 RTC and JTC activities — before the tax credit $$ are gone!

DaleSig

Quick Update — Legislation

Filed under: Policy
April 29, 2010

April 29 is supposed to be the last day of the 2010 Georgia legislative session, and so far, we have not seen any significant tax credit changes.

Some items of interest include:

HB 1405 (click here) — Creates a “Special Council on Tax Reform and Fairness for Georgians” and the “Special Joint Committee on Georgia Revenue Structure” to study the state’s current revenue structure (including tax credits) and make recommendations for changes starting in 2011.

SB 374 (click here) — Creates a “Legislative Economic Development Council” and a “Citizens Advisory Committee” to review all state economic development programs, incentives and related activities on a regular basis and recommend changes.

It looks like a lot of councils, committees and meetings to analyze, study, review and recommend changes that could affect tax credits. Neither of these bills has been signed by Governor Purdue yet. It will be interesting to see what happens in 2011, especially with a new governor leading our state. Stay tuned!

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