HB 283 was recently passed.  One exciting opportunity that came about is a $10k maximum tax credit for members of LLC's, shareholders of S-Corps, and partners of Partnerships. 

 

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Below are the documents needed to complete the manual application process:

 

Apogee form

 

Form IT-QEE-TP1

 

TP1 Relevant Notes & Instructions

 

Instructions:

 

1. Complete Apogee form

2. Sign 2nd page of TP1 form (Apogee will complete the rest of the document for you)

3. Fax (or email if preferred) your completed paperwork to Apogee.

    This email address is being protected from spambots. You need JavaScript enabled to view it.

    FAX:(404) 419-7101

 

Some helpful information regarding this opportunity is below:

 

*  A pass-through filer is limited to a maximum $10,000 tax credit regardless of the number of entities involved in the passthrough of income

 

*  If a pass-through filer has already contributed individually in 2014, the $10,000 maximum must be reduced by the amount of the contribution

 

*  Any amount requested that exceeds the actual tax liability of the pass-through filer is non-refunable and cannot be carried forward

 

*  If both spouses can participate in the pass-through option, each can contribute up to $10,000 for a total of $20,000

 

*  The tax liability in which the $10,000 maximum is credited against is calculated by combining all Georgia income, loss and expense from the taxpayer selected entities and mulitplying this total by 6%

    - Pass-through filers must provide this information in the application process

 

*  All sources of income from pass-through entity(s) to the taxpayer (payroll, distribution, ect) are eligible for the 6% equation

 

 

 

 

 

 

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