HB 283 was passed in 2013. 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.
Below are the documents needed to complete the manual application process:
1. Complete Apogee form
2. Fax (or email if preferred) your completed paperwork to Apogee.
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
* 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