DALLAS, Nov. 9, 2016 /PRNewswire/ -- In a recently released letter ruling (LR IT-2016-01), the Georgia Department of Revenue ("Department") informed a taxpayer that it cannot use the Quality Jobs Tax Credits (QJTCs) carryforward of an acquired business. The Department explained that unlike other Georgia income tax credits, the QJTC statute, O.C.G.A. section 48-7-40.17, does not contain a provision that allows unused income tax credits to be transferred or continued by a transferee. The taxpayer had acquired a business that had applied and qualified for the Georgia QJTC and the Georgia Jobs Tax Credits (JTCs). Because all of the taxpayer's payroll-related activates were performed by a sister company, the taxpayer requested a ruling regarding the credits. Although the QJTCs created by the acquired business did not transfer, the fact that the taxpayer used a related entity for payroll-related activities did not prevent the taxpayer from taking advantage of any newly created QJTCs. Further, the taxpayer was allowed to use the acquired business' JTC carryforward, provided the taxpayer maintained the jobs and met all other applicable requirements in law and regulation. About RyanRyan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. With global headquarters in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a five-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 2,100 professionals and associates serves over 12,000 clients in more than 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.
Logo - http://photos.prnewswire.com/prnh/20160125/325377LOGO TECHNICAL INFORMATION CONTACT: