Georgia SALT AlertsState and Local Tax Insights
March 6, 2019 | Tax Relief for Farmers and Fishermen | Timber Tax Credits | County Tax Rate Changes
- The Georgia Dept. of Revenue (DOR) is providing estimated tax penalty relief to farmers and fisherman. Like the IRS, the DOR is providing relief because, due to certain federal changes, many farmers and fishermen may have had difficulty accurately determining their tax liability by the March 1 deadline that usually applies to them. Farmers or fishermen who are affected and who miss the March 1 deadline won’t be subject to the underpayment of estimated tax penalty if they file and pay by 4/15/19. Contact us with questions or assistance.
- The Georgia Dept. of Revenue announced that taxpayers eligible for the Timber Tax Credit can now apply for preapproval on the department’s GA Tax Center. A corporate, fiduciary, partnership/LLC, or individual income tax account is required. The Timber Tax Credit was enacted to assist in offsetting the substantial economic losses incurred during Hurricane Michael. Eligible timber properties must be located in the disaster area. For more information: https://bit.ly/2SH3AhJ
- The Georgia Dept. of Revenue has released county tax rate changes effective 4/1/19. The following counties will impose an additional 1% tax, increasing the total tax rate in each county from 7% to 8%: Calhoun, Lee, Miller, Oglethorpe, and Terrell. The additional 1% tax is for a single-county Transportation Special Purpose Local Option Sales Tax under GA law.