Georgia has a corporate income tax on corporations. (Note: If the S-corporation status is recognized for Georgia purposes, the shareholders of the corporation pay the tax as opposed to the corporation paying the tax):
- Corporate income tax is a non-graduated percentage based on a corporation's federal taxable net income
- Corporations that own property, do business in Georgia, or receive income from Georgia sources are subject to corporate income tax
- The rate of taxation is six percent of a corporation's Georgia taxable net income
Most corporations also pay a net worth tax. This tax is based on the net worth of a corporation, levied in exchange for the privilege of doing business or exercising a corporate franchise in Georgia. The minimum tax is $10.00 for a net worth less than $10,001. The maximum is $5,000 for a net worth in excess of $22 million. All corporations doing business in Georgia for the first time must file an initial net worth return on or before the fifteenth day of the third calendar month after incorporation or qualification in the state (for C corporations, 15th day of the fourth month for net worth years beginning on or after January 1, 2017; those normally reported on the 2016 income tax return).
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