Income/Franchise:
Georgia DOR Issues FAQs on Implementation of Elective Pass-through Entity-Level Tax
HB 149 Pass-Through Entity Tax FAQ, Ga. Dept. of Rev. (1/23). Pursuant to legislation enacted in 2021 that provides an annual irrevocable election for S corporations and partnerships to pay tax at the entity-level [see H.B. 149 (2021), and previously issued Multistate Tax Alert for more details on this new law], the Georgia Department of Revenue issued guidance concerning administration and implementation of this elective tax, which is available for tax years beginning on or after January 1, 2022. Among other topics, the guidance addresses which entities are eligible to make the election and how to make the election. The guidance also explains estimated payment requirements and other tax compliance-related matters. Please contact us with any questions.
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