Updated Guidance for Annual Federal Conformity Law | Net Tax Collections up by $55.7 Million from 2019

• The Georgia Dept. of Revenue has updated its guidance on federal tax changes to reflect the passage of the annual federal conformity law. The guidance provides that Georgia follows the Internal Revenue Code’s loss limitation. However, before the loss limitation is applied, Georgia businesses should compute the business income and deductions according to the Internal Revenue Code as defined for Georgia purposes (making specified adjustments including, but not limited to, certain disallowance). Then, the provisions should be applied to the loss as computed for Georgia purposes.
• The Georgia Dept. of Revenue reports July net tax revenues increase 3.1%. The department said in the first month of fiscal year 2020, Georgia’s net tax collections totaled nearly $1.83 billion. This is an increase of $55.7 million compared to last year during this period. July’s gross tax revenue receipts totaled $2.48 billion for an increase of $71.9 million over July 2018. For additional tax totals: https://bit.ly/2YMtvfQ

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