Navigating Georgia's Net Worth Tax Landscape: A Comprehensive Overview for 2022
Understanding Georgia’s Net Worth Tax: A Clear Explanation Georgia imposes a net worth tax on businesses, calculated based on their net worth (assets minus liabilities). The tax rate varies according to net worth, with tiered brackets ranging from $50 to $1,000,000. To ensure compliance and avoid penalties, corporations must file annual returns and pay any net worth tax due by April 15th. Georgia Net Worth Tax Table: A Quick Reference Net Worth Tax Rate Less than $500,000 $0 $500,000 - $1,000,000 $500 $1,000,000 - $5,000,000 $1,000 $5,000,000 - $10,000,000 $2,500 $10,000,000 - $25,000,000 $5,000 $25,000,000 - $50,000,000 $7,500 $50,000,000 - $100,000,000 $9,000 Over $100,000,000 $9,500 Impact of Georgia’s Net Worth Tax on Business Investments: Smart Strategies for Minimization Businesses in Georgia must consider the potential impact of the net worth tax on their investment decisions....