House Bill 1291 also extends the sunset date of the sales tax exemption for the purchase of high-technology data center equipment from Dec. 4 Also beginning in 2024, the definition of qualifying computer equipment is amended to exclude computers or devices issued to employees, in addition to prewritten computer software. 1, 2024, the exemption will be limited such that the purchaser will be required to pay 10% of the total sales and use tax imposed on the first $15 million of purchases eligible for exemption. 2 In order to be eligible for the exemption, the taxable purchases and leases of equipment must be at least $15 million for any calendar year. 1 Significantly, the legislation extends the sunset date for this exemption from June 30, 2023, to Dec. Finally, the legislation extends the sunset date for the sales and use tax exemption related to the purchase of qualified computer equipment by high-technology companies.Įnacted on May 9, 2022, House Bill 1291 amends the exemption from sales and use tax on the sale or lease of any computer equipment to be used by qualifying Georgia high-technology companies as classified by several specific NAICS codes under Georgia law. The enacted legislation also implements a flat 5.75% personal income tax rate beginning in the 2024 tax year, with annual phased-in rate reductions planned through 2029. Brian Kemp recently approved significant tax legislation making amendments to the state’s corporate income tax law by allowing affiliated groups to file Georgia consolidated corporate income tax returns and advancing the state’s Internal Revenue Code (IRC) conformity date to Jan.
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