Single/head of household – lesser of tax liability or $2,500
Married filing jointly – lesser of tax liability or $5,000
Married filing separately – lesser of tax liability or $2,500
Owners of S corporations, LLCs and partnerships – up to $25,000 of the taxpayer’s tax liability from pass-through entities selected by the taxpayer. The tax credit is 5.49% of the taxpayer’s Georgia estimated income from pass-through entities.
C corporations and fiduciaries or pass-through business making HB 149 election – up to 75% of estimated state income tax liability
Any unused tax credits for individuals may be carried forward for up to five years. Contact your tax professional for details.