Georgia Depreciation Schedule
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FAQ
This form is for a net operating loss carry-back adjustment by an individual or fiduciary that desires a refund of taxes afforded by carry-back of a net operating loss.
Regarding net operating losses, Georgia follows the new federal rule relating to no carryback and unlimited carryforward of net operating losses for losses incurred after 2017. Georgia also adopts the 80% limitation on the use of NOLs, with the state 80% limitation based on Georgia taxable net income.
Five states Colorado, Georgia, Hawaii, New York, and North Carolina have already decoupled their tax laws from these provisions to avoid having to give back revenue they have already collected; other states should do the same.
States that have adopted the new bonus depreciation rules:Alabama.Alaska.Colorado.Delaware.Illinois.Kansas.Louisiana.Michigan.More items...
For 2021, Georgia has adopted the increased I.R.C. Section 179 deduction of $1,050,000 as well as the $2,620,000 phaseout. Georgia has not, however, adopted the Section 179 deduction for certain real property (I.R.C. Sections 179(d)(1)(B)(ii)).
Federal depreciation should be added back to Georgia income by entering it on the other addition line of the return. Depreciation must then be computed for Georgia purposes on Georgia Form 4562 which should be attached to the Georgia return.
Decoupled states: Colorado, Hawaii, Iowa, Kentucky, Maine, New York, North Carolina, and West Virginia.
States can avert this loss of revenue by "decoupling." Decoupling means protecting the relevant parts of their tax code from the changes in the federal tax code, in most cases by remaining linked to federal law as it existed prior to the change.
The State of Georgia will recognize your valid Federal extension and grant you a corresponding state extension. Make sure to attach a copy of Form 4868 (or the IRS confirmation letter if you e-filed your Federal extension) to your Georgia tax return when it's filed.
Regarding net operating losses, Georgia follows the new federal rule relating to no carryback and unlimited carryforward of net operating losses for losses incurred after 2017. Georgia also adopts the 80% limitation on the use of NOLs, with the state 80% limitation based on Georgia taxable net income.
