Georgia State and Local Tax Updates June 2019

Georgia adopts procedures for judicial sales of seized property

June 26, 2019

The Georgia Department of Revenue has adopted procedures for conducting judicial sales on the department’s seizure of personal property when taxes aren’t fully paid by a delinquent taxpayer. Payment in full is now required at the time of acceptance of the bid and must be in guaranteed funds, such as cash, certified check, bank check, or money order. No third-party instruments will be accepted. If the property for sale is a motor vehicle, the department will turn over the existing title or certificate upon receipt of payment. Buyers may be subject to the payment of state and local sales tax collected at the point of payment.

Read more here: https://bit.ly/2X9OpFe


Georgia taxpayers: mandatory electronic filing required for certain “series 100” tax credit recipients

June 26, 2019

The Georgia Department of Revenue is reminding taxpayers about the mandatory electronic filing required for certain income tax or withholding tax returns in which “series 100” tax credits are generated, allocated, or claimed. The income tax returns affected include individual (Forms 500 and 500X), fiduciary (Form 501), corporate (Forms 600 and 600S), and partnership (Form 700) returns. Those who don’t adhere to the regulation run the risk of the return not being processed, because it’s considered to have not been filed, and may also result in the imposition of a penalty and interest.

For more information: https://bit.ly/2X0xfoy


Georgia publishes Q3 local sales and use tax rates for energy sold to Georgia manufacturers

June 19, 2019

Third-quarter local sales and use tax rates for energy sold to Georgia manufacturers have been published. The Georgia Department of Revenue has issued a table showing the local sales and use tax rates for energy sold to manufacturers for the third quarter, beginning July 1, 2019. The tax rates are imposed for energy sold to manufacturers as levied by counties within the 159 special districts and the City of Atlanta. The tax is levied initially by ordinance following the phase-in schedule rates. View the table here: https://bit.ly/2Xu5y8t

 


Georgia updates guidance on remote sellers’ Georgia sales tax obligations

June 19, 2019

The Georgia Department of Revenue has issued updated guidance on remote sellers’ Georgia sales tax obligations beginning January 1, 2020. The guidance reflects the reduced nexus threshold amount ($100,000 instead of $250,000 in gross revenue) and the repeal of the notice and reporting option. The new thresholds are 1) remote sellers who obtained gross revenue, in an amount exceeding $100,000 in the previous or current calendar year, from conducting retail sales of property to be delivered and sold in Georgia, or 2) remote sellers who conducted 200 or more retail sales of property in the previous or current calendar year to be delivered to Georgia to be distributed for use in the state.

 


New reporting date announced for SPLOST funds

June 12, 2019

Effective July 1, 2019, the submission date for annual reporting of uses made from the county special purpose local option sales tax (SPLOST) funds has been changed. Instead of December 31 of each year, the report must be submitted 180 days following the close of each fiscal year.

 

 


The Georgia announces prices used to calculate prepaid local tax on motor fuel sales

June 12, 2019

The Georgia Department of Revenue has announced the average retail sales prices that are used to calculate the prepaid local tax on motor fuel sales. The prepaid local tax average retail sales prices must be remitted by licensed Georgia distributors on all sales of motor fuel for highway use sold to any purchaser not licensed as a Georgia distributor. The following average retail sales prices will be in effect July 1, 2019, through December 31, 2019: gasoline, $2.406 per gallon; diesel fuel, $2.683 per gallon; aviation gasoline, $3 per gallon; and liquefied petroleum gas, $1.954 per gallon.

 


Freeport tax exemption gains a new definition

June 5, 2019

Effective July 1, 2019, Georgia state law adds a new definition for the Level 1 Freeport Property Tax Exemption. The bill defines “affiliates” to mean those entities that are part of an affiliated group of the taxpayer and all other entities that are directly or indirectly owned by members of the affiliated group.

 

 


Georgia amends tax credits for historic structures, quality jobs, and qualified investment property

June 5, 2019

Georgia tax credits for historic structures, quality jobs, and qualified investment property have been amended. Effective June 1, 2019, state law amends the Historic Rehabilitation Credit by allowing taxpayers to use the credit for up to two years after they place a certified structure or historic home into service. In addition, effective for tax years beginning 1/1/20, the bill amends the required number of new quality jobs created in or relocated into Georgia for the Quality Jobs Tax Credit. Also effective for tax years beginning 1/1/20, the bill creates guidelines for qualifying manufacturing that locates in rural counties to obtain the state’s Manufacturing Investment Tax Credit.

 

© 2019

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