Investor Presentaiton
POSSIBLE STEPS IN THE TAX CREDIT PROCESS
Pre-certifying: applicant is required to meet criteria prior to moving forward with generating the credit.
Preapproving: usually for capped credits, submit request through the Georgia Tax Center, first come, first serve until the cap is met.
Generating: when the tax credit certificate is created
Allocating: originator assigns credit amounts to related entities or shareholders on the return.
Utilizing: applying a credit against tax liability on an income tax return.
Auditing: pre-certified amounts are adjusted based on audit findings
For the film tax credit, every credit is subject to a mandatory audit prior to credit generation. The estimated amount that is pre-certified by
GDECD is adjusted by third-party auditors or GDOR auditors to reflect actual expenditures in GA. This change was made by the legislature in
2020.
Note: These steps do not apply to every tax credit and, even when all are applicable, the above steps may occur in a different order based upon the credit's statutory construction.
DEPARTMENT of REVENUE
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