Georgia has just enacted major income tax changes in response to the federal Tax Cuts and Job Act of 2017 (“TCJA”). Governor Nathan Deal signed the legislation into law on March 2, 2018.
The new Georgia tax rules include:
Reducing the top individual and corporate income tax rates;
Doubling the standard deductions for individuals;
Updating the Internal Revenue Code (“IRC”) conformity rules, with important exceptions;
Adopting federal laws relating to net operating losses (“NOLs”); and
Revising successor and assignment rules for certain Georgia income tax credits.
