Georgia

No Georgia estate tax levied or returns required on and after July 1, 2014

“On and after July 1, 2014, there shall be no estate taxes levied by the state and no estate tax returns shall be required by the state.”

Note: DOR FAQ reproduces the statutory language and cites O.C.G.A. 48-12-1. Effective date July 1, 2014 (old survey said Jan 1).

Georgia flat income tax rate is 5.19% for TY2025, falling to 4.99% for TY2026+

“For taxable years beginning on or after January 1, 2025, the rate of tax imposed on the Georgia taxable net income of every individual shall be 5.19 percent.”

Note: HB 111 established 5.19% retroactively for TY2025. The rate falls to 4.99% for TY2026+. Georgia uses fixed-date IRC conformity (1/1/2025), which does not incorporate the OBBBA. Age 65+ taxpayers get a $65,000/person exclusion that covers capital gains.

Georgia flat individual income tax rate is 4.99% beginning January 1, 2026 (HB 463)

“The Georgia income tax rate has been reduced to a flat rate of 4.99%.”

Note: Governor's release (2026-05-11): 'HB 463 lowers Georgia's state income tax rate from 5.19% to 4.99%, beginning January 1, 2026.' HB 463 skipped the previously scheduled 5.09% step; further cuts are trigger-based 0.125-point steps toward 3.99%, not the old 0.10-point glide. The elective PTET tracks the flat individual rate (Ga. Comp. R. & Regs. 560-7-3-.03), so it is 4.99% for TY2026.

IRC §1212(b): capital losses carry forward only for non-corporate taxpayers; no carryback

“In the case of a taxpayer other than a corporation, if there is a net capital loss for any taxable year: (1) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and (2) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.”

Note: IRC §1212(b) limits non-corporate taxpayers to carrying losses forward only ('succeeding taxable year'). IRC §1212(a), which allows a 3-year carryback, applies only to corporations. For conformity states, the federal carryforward amount flows to the state return unchanged.

GA exempts GA-issued bonds; out-of-state muni bond interest is taxable per O.C.G.A. §48-7-27

“Interest received from non-Georgia municipal bonds and dividends received from mutual funds that derive income from non-Georgia municipal bonds are subject to Georgia income tax.”

Note: Quote is from the Georgia DOR 2024 IT-511 Individual Income Tax Booklet form instructions, not from O.C.G.A. §48-7-27 statutory text. GA bonds exempt; all other state/local muni interest is taxable.

GA exempts GA-issued bonds; out-of-state muni bond interest is taxable per O.C.G.A. §48-7-27

“Interest received from non-Georgia municipal bonds and dividends received from mutual funds that derive income from non-Georgia municipal bonds are subject to Georgia income tax.”

Note: Quote is from the Georgia DOR 2024 IT-511 Individual Income Tax Booklet form instructions, not from O.C.G.A. §48-7-27 statutory text. GA bonds exempt; all other state/local muni interest is taxable.

Georgia conforms to IRC §1400Z-2 QOZ gain deferral and exclusion

“The term 'Internal Revenue Code' means the United States Internal Revenue Code of 1986, as amended, and in effect on January 1, 2025, including all laws enacted as of that date which affect the provisions of the Internal Revenue Code.”

Note: Georgia HB 1199 (2026) and HB 265 (2021) updated the fixed IRC conformity date; §1400Z-2 is incorporated. No Georgia DOR letter ruling explicitly names §1400Z-2. URL points to HB 1199 (2026) at the Georgia General Assembly; O.C.G.A. §48-1-2 is published commercially only.

Georgia conforms to IRC §1202 QSBS gain exclusion

“The term 'Internal Revenue Code' means the United States Internal Revenue Code of 1986, as amended, and in effect on January 1, 2025, including all laws enacted as of that date which affect the provisions of the Internal Revenue Code.”

Note: Georgia's updated fixed-date IRC conformity incorporates §1202. No Georgia DOR ruling explicitly names §1202. URL points to HB 1199 (2026) at the Georgia General Assembly; O.C.G.A. §48-1-2 is published commercially only.

Georgia IT-511 Schedule 1 lists FNMA, FHLMC, and GNMA interest as taxable additions to Georgia income

“Interest received from non-Georgia municipal bonds and dividends received from mutual funds that derive income from non-Georgia municipal bonds are subject to Georgia income tax. Interest income from Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and Government National Mortgage Association obligations does not qualify for the federal interest deduction subtraction.”

Note: The 2024 IT-511 booklet names FNMA, FHLMC, and GNMA explicitly per prior research. Structural basis: O.C.G.A. §48-7-27 subtraction for U.S. obligations requires federal preemption, which FNMA/FHLMC lack (no bondholder exemption statute).

Georgia flat income tax rate is 5.19% for TY2025, falling to 4.99% for TY2026+

“For taxable years beginning on or after January 1, 2025, the rate of tax imposed on the Georgia taxable net income of every individual shall be 5.19 percent.”

Note: HB 111 established 5.19% retroactively for TY2025. The rate falls to 4.99% for TY2026+. Georgia uses fixed-date IRC conformity (1/1/2025), which does not incorporate the OBBBA. Age 65+ taxpayers get a $65,000/person exclusion that covers capital gains.

U.S. Treasury interest exempt from Georgia income tax: 31 U.S.C. §3124(a) prohibits state taxation of U.S. government obligations

“Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax.”

Note: 31 U.S.C. §3124(a) preempts state income taxation of U.S. government obligations. Covers T-bills, T-notes, T-bonds, TIPS, and I-bonds. Most states allow a deduction or subtraction by statute cross-referencing this federal preemption.

FHLB and FFCB bond interest exempt from Georgia income tax: federal enabling statutes mandate state tax exemption

“Any security issued under this chapter by a Federal home loan bank, including the stock thereof, shall be exempt from taxation, except taxes upon real estate, by any State, county, municipality, or local taxing authority.”

Note: 12 U.S.C. §1433 (FHLB) and 12 U.S.C. §2023 (FFCB/Farm Credit Act) both mandate state tax exemption for securities issued under their chapters. Contrasts with FNMA (12 U.S.C. §§1719(e), 1723a(c)) and FHLMC (12 U.S.C. §1455(a)) which have no bondholder exemption statute and whose interest is taxable by income-tax states.

Farm Credit Act: notes, bonds, debentures, and other obligations of Farm Credit Banks are instrumentalities of the United States exempt from all State, municipal, and local taxation

“The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124).”

Note: 12 U.S.C. §2023 explicitly covers 'the income therefrom' (i.e., interest payments to bondholders), exempting it from all State and local taxation. The only carve-out is federal income tax on the holder. Parallel to 12 U.S.C. §1433 (FHLB Act), which exempts FHLB securities from state taxation. Together §1433 and §2023 mandate state and local tax exemption for both FHLB and FFCB bond interest. Shared across all jurisdictions: a single object reference satisfies buildCitationIndex() identity check.

IRC §1212(b): capital losses carry forward only for non-corporate taxpayers; no carryback

“In the case of a taxpayer other than a corporation, if there is a net capital loss for any taxable year: (1) the excess of the net short-term capital loss over the net long-term capital gain for such year shall be a short-term capital loss in the succeeding taxable year, and (2) the excess of the net long-term capital loss over the net short-term capital gain for such year shall be a long-term capital loss in the succeeding taxable year.”

Note: IRC §1212(b) limits non-corporate taxpayers to carrying losses forward only ('succeeding taxable year'). IRC §1212(a), which allows a 3-year carryback, applies only to corporations. For conformity states, the federal carryforward amount flows to the state return unchanged.

Georgia flat income tax rate is 5.19% for TY2025, falling to 4.99% for TY2026+

“For taxable years beginning on or after January 1, 2025, the rate of tax imposed on the Georgia taxable net income of every individual shall be 5.19 percent.”

Note: HB 111 established 5.19% retroactively for TY2025. The rate falls to 4.99% for TY2026+. Georgia uses fixed-date IRC conformity (1/1/2025), which does not incorporate the OBBBA. Age 65+ taxpayers get a $65,000/person exclusion that covers capital gains.

Georgia flat income tax rate is 5.19% for TY2025, falling to 4.99% for TY2026+

“For taxable years beginning on or after January 1, 2025, the rate of tax imposed on the Georgia taxable net income of every individual shall be 5.19 percent.”

Note: HB 111 established 5.19% retroactively for TY2025. The rate falls to 4.99% for TY2026+. Georgia uses fixed-date IRC conformity (1/1/2025), which does not incorporate the OBBBA. Age 65+ taxpayers get a $65,000/person exclusion that covers capital gains.

Georgia adds back losses from transactions occurring in years the individual was not subject to Georgia income tax

“There shall be added to 'net income' the amount of deductions reflected therein which resulted from transactions occurring in years in which the individual was not subject to Georgia income tax. Such deductions shall include but not be limited to, contribution carryovers, capital loss carryovers, and net operating loss carryovers.”

Note: Ga. Comp. R. & Regs. 560-7-4-.01 requires a nonresident or part-year resident to add back deductions and losses that resulted from transactions occurring in years in which the individual was not subject to Georgia income tax, so an imported pre-residency capital-loss carryforward cannot offset Georgia gains. Verbatim text verified live 2026-06-30 against Ga. Comp. R. & Regs. 560-7-4-.01(2).

Georgia elective pass-through entity tax rate tracks the flat individual rate: 5.19% for TY2025

“There is a 5.19% income tax on Partnerships that own property, do business in Georgia or receive income form Georgia sources.”

Note: SALT-cap workaround: HB 149 (2021) lets a partnership or S corporation elect (annually, irrevocably for the year) to pay Georgia income tax at the entity level at the flat individual rate. 'income form Georgia sources' [sic] is verbatim from the DOR page. The rate falls to 4.99% for TY2026 per dor.georgia.gov/taxes/important-tax-updates. Confidence medium: DOR guidance page.

Georgia elective pass-through entity tax rate tracks the flat individual rate: 5.19% for TY2025

“There is a 5.19% income tax on Partnerships that own property, do business in Georgia or receive income form Georgia sources.”

Note: SALT-cap workaround: HB 149 (2021) lets a partnership or S corporation elect (annually, irrevocably for the year) to pay Georgia income tax at the entity level at the flat individual rate. 'income form Georgia sources' [sic] is verbatim from the DOR page. The rate falls to 4.99% for TY2026 per dor.georgia.gov/taxes/important-tax-updates. Confidence medium: DOR guidance page.

Georgia flat individual income tax rate is 4.99% beginning January 1, 2026 (HB 463)

“The Georgia income tax rate has been reduced to a flat rate of 4.99%.”

Note: Governor's release (2026-05-11): 'HB 463 lowers Georgia's state income tax rate from 5.19% to 4.99%, beginning January 1, 2026.' HB 463 skipped the previously scheduled 5.09% step; further cuts are trigger-based 0.125-point steps toward 3.99%, not the old 0.10-point glide. The elective PTET tracks the flat individual rate (Ga. Comp. R. & Regs. 560-7-3-.03), so it is 4.99% for TY2026.

Georgia elective pass-through entity tax rate tracks the flat individual rate: 5.19% for TY2025

“There is a 5.19% income tax on Partnerships that own property, do business in Georgia or receive income form Georgia sources.”

Note: SALT-cap workaround: HB 149 (2021) lets a partnership or S corporation elect (annually, irrevocably for the year) to pay Georgia income tax at the entity level at the flat individual rate. 'income form Georgia sources' [sic] is verbatim from the DOR page. The rate falls to 4.99% for TY2026 per dor.georgia.gov/taxes/important-tax-updates. Confidence medium: DOR guidance page.

Georgia PTET owners are not eligible for a credit for the entity-level Georgia tax

“The owners are not eligible to claim a credit for taxes paid to Georgia with respect to income taxed at the entity level by Georgia.”

Georgia PTET mechanism is exclusion: the electing entity pays the tax and the income is not taxed again to the owners

“When electing to pay tax at the entity level, the income tax is paid by the partnership and not by the partners.”