The answer depends on your Georgia tax filing status:
- Married filing jointly: Up to the lesser of $5,000 per year or your Georgia income tax liability.
- Married filing separately: Up to the lesser of $2,500 per year per spouse or your Georgia income tax liability.
- Single or head of household: Up to the lesser $2,500 per year or or your Georgia income tax liability.
Individuals owning interests in pass through entities (such as ‘S’ corporations, LLC’s, and partnerships) are eligible for an enhanced tax credit of up to $25,000.
More information for owners of pass-through entities can be found here. - ‘C’ corporation: Up to 75 percent of the estimated Georgia income tax liability.
- Fiduciaries (estates and taxable trusts): Up to 75 percent of the estimated Georgia income tax liability.
When filing as an individual taxpayer, unused credits can be carried forward for up to 5 years. Contact your tax professional for details.