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DEDUCTIONS:
1. Tot al int erest p aid on deposits. Effecti ve f or ta x years beginning on or aft er Januar y 1, 2001,
2. Tot al i nterest p aid on other liabilities. i f a deposit ory fi nancial instituti on has elect ed Subchapt er ‘ S’
3. Operating cost s associated with building housing f inancial stat us t he credit may be p assed t hrough on a pro rat a basis t o
i nstitutions operations not t o exceed rent al i ncome derived t he institution’ s shareholders.
f rom such building (applicable t o mutual corporations only).
I tems 1 and 2 must be reduced by the proportion that Item 3 un- I f t he amount of t he pro rat a credit exceeds a shareholder’ s
der above Exclusions (relating to a Domestic International individ ual incom e ta x liability , t he amount of any unused credit
Banking Facility) bears to the gross receipt s, i ncluding above may be credited over a period of f ive years f rom t he t ax year
additions, as calculat ed bef ore making any deductions or exclu- i n which t he unused credit arose. No such credit shall be
sions l isted above. Enter t he deductions and t he amount of ad- allowed t he taxp ayer against prior years’ t ax liability.
just ment i n Sc hedule 7, P age 2, F orm 900, t o arrive at t he net
Ent er on Line 1, S chedule 4, F orm 900, t he amount of ta x
amount deductible. shown on Line 1, S chedule 3, F orm 900. Al so ent er on Line 2,
GEORGIA GROSS RECEIPTS S chedule 4, F orm 900, t he amount of B usiness License t axes
pai d b y bank s and mutual financial institution s o n For m PT44 0
Effective March 29, 1996 and applicable to all returns due on or t o t he county and/or municipality.
after March 1, 1997, Georgia Code Section 48-6-95(b)(1) pro-
vides that Georgia gross receipts for a financial institution con- I f you are required t o fi le more t han one retur n f or Business
ducting business both within and outside the State be determined Licens e taxes , For m PT440 , ente r o n Lin e 2, Schedul e 4 , For m
using the apportionment factor prescribed under Georgia Code 900, t he tot al of Business License t axes shown on all Forms
Section 48-7-31(d)(2)(A). PT440.
T he amount shown on Line 3, S chedule 4, F orm 900, repre-
Georgia Code Section 48-7-31(d)(2)(A) states, in part, that the sent s t he tot al amount of t ax credit available f or t ransfer t o t he
gross receipts factor is a fraction, the numerator of which is the Corporat e Incom e Ta x Return , For m 600 , t o b e applie d agains t
total gross receipts from business done within this State during
th e corporat e incom e ta x liability . Copie s o f For m PT440 MUS T
the tax period and the denominator of which is the total gross be att ached t o F orm 900.
receipts from business done everywhere for the tax period. Gross
receipts are in this State if the receipts are derived from custom- NOTICE: This t ax credit i s NOT allowable against t he corpo-
ers within this State or if the receipts are otherwise attributable to rate net worth t ax which i s a sep arate t ax, computed on t he
this State’s marketplace. corporate i ncome t ax return.
Using Schedule 8, Page 2, determine the Georgia gross receipts ST OCK ASSOCIATIONS
factor by dividing the gross receipts within Georgia by the gross Mutual Financial I nstitutions which have capit al stock will be
receipts everywhere. Multiply the balance of gross receipts (Line treat ed as a bank f or Stat e Occupati on t ax purposes.
1, Schedule 8, Page 2) by the Georgia gross receipts factor. En-
ter the amount of gross receipts attributable to Georgia in Line 3, ACCOUNTING METHOD
Schedule 8, Page 2 and in Line 8, Schedule 1, Page 1.
T he electi on of cash or accrual method f or comput ation of
COMPUTATION OF TAX gross receipt s will be permitted with f iling of t he f irst return.
S ubsequent ret urns must be fi led on same basis as elect ed
The State Occupation tax is 0.25% of the adjusted gross receipts wit h t he fi rst ret urn, unless permission t o change accounting
shown on Line 1, Schedule 2, Page 1, Form 900. The amount of method i s granted by t he Commissioner.
tax must be entered in Line 3, Schedule 2, on Line 1, Schedule
3, and on Line 1, Schedule 4.
AMEND ED RETURNS
TAX CREDITS
G eorgia has no special f orm f or t he fi ling of an amended re-
Municipal and County Business License taxes and State Occu-
t urn. F orm 900, wit h att ached explanati on, s hould be used
pation taxes will be allowed as a dollar for dollar tax credit against
and the checkbox “AMENDED ” should be checked . Attach
the State income tax liability of the depository financial institution
che ck to cover any additio nal tax plus intere st a t 12 perc ent
for the calendar or fiscal tax year during which the taxes are
per year. I f you are due ref und, no furt her correspondence
paid; not the calendar year in which the gross reciepts were re-
will be necessary , as your return will be processed for a
cieved. If the tax credit exceeds the income tax liability of
refund of any overp ayment of taxes.
such institution for any year, the amount of any unused credit
may be credited over a period of five years from the tax year in INQUIRIES
which the unused credit arose.
For f orms or additional i nformation on Georgia Financial Insti-
Effective for tax years beginning on or after January 1, 1996, if tuti ons B usiness Occupati on T ax Ret urn, F orm 900, cont act
the assets of an institution are acquired by another institution in t he Corporat e Operati ons Unit at 1-877-423-6711.
a transaction described in Section 381 (a) of the Internal Rev-
enue Code of 1986, the acquiring institution can use any unused I nquiries about F orm PT 440 should be directed t o t he count y
credit of the distributor or transferor institution. and/or municip ality i mposing t he l ocal business tax.
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