HB 1058 — Income tax; affiliated corporations file separate or consolidated returns; provisions

A BILL to be entitled an Act to amend Code Section 48-7-21, relating to income taxation of corporations, so as remove the requirement that affiliated corporations file separate income tax returns with this state unless the Department of Revenue has requested or preapproved the filing of consolidated returns; to authorize Georgia affiliated groups to elect to file separate or consolidated income tax returns; to provide for the effect of such elections; to provide for tax liability, allocation, and apportionment; to make such election irrevocable for five years; to authorize affiliated groups that have filed consolidated returns to continue under the current law; to provide for definitions; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.

House Date Signed by Governor

Legislative term

Georgia General Assembly 2021–2022

Session

2021-2022 Regular Session

Chamber or committee

Georgia House of Representatives

Measure type

Bill

Introduced

Jan 27, 2022