Revenue and taxation; Internal Revenue Code and Internal Revenue Code of 1986; revise terms and incorporate certain provisions of federal law into Georgia law

Georgia updates tax rules with exceptions

For tax years starting January 1, 2024, or later, Georgia generally uses federal tax laws enacted through January 1, 2025. Federal rules not yet effective start in Georgia on their federal start dates. Georgia keeps older rules for research costs, business interest deductions, and certain losses, while excluding federal bonus depreciation and several special deductions. It also excludes pandemic-law changes to business loss limits and loss deductions, but adopts specified federal infrastructure-law changes to capital contributions. Historical business equipment deduction limits remain $250,000 for 2010–2013 and $500,000 for 2014. The purchase thresholds that reduce those deductions are $800,000 for 2010–2013 and $2 million for 2014. Special refund claims under Public Laws 112-95 and 114-292 use Georgia's refund deadline rules. For Public Law 112-95 claims, the deadline is no earlier than November 15, 2015, and no interest is refunded. Tax effects depend on which rules apply to each taxpayer.