Proposes Amendments to Income Tax Rules 560-7-4-.01 and 560-7-8-.34
Summary
The Georgia Department of Revenue proposes amendments to Rules 560-7-4-.01 (Net Taxable Income - Individual) and 560-7-8-.34 (Withholding on Nonresident Members of Partnerships, S Corporations, and LLCs). Rule 560-7-4-.01 changes the required form for forgoing a net operating loss carryback to a Form 500 individual return application schedule for tax years beginning on or after January 1, 2023. Rule 560-7-8-.34 is amended to conform with S.B. 56 (2023), revising composite tax computation options to account for changes in individual tax rates and the elimination of the personal exemption factor. A remote public hearing is scheduled for March 5, 2026 at 10:00am, and all written comments must be received by 10 a.m. that same day, referencing 'ITD-2026-001'.
“The Department must receive all comments regarding the above-referenced Rule from interested persons and parties no later than 10 a.m. on March 5, 2026.”
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What changed
The Georgia Department of Revenue proposes substantive amendments to two income tax regulations. Rule 560-7-4-.01 is amended to require Form 500 individual return application schedule for forgoing net operating loss carryback for tax years beginning on or after January 1, 2023, replacing the prior Form 500-NOL. Rule 560-7-8-.34 is amended to conform with S.B. 56 (2023), updating composite tax computation options to reflect new individual tax rates under O.C.G.A. 48-7-20 and eliminating the personal exemption factor under Option 2 for tax years beginning on or after January 1, 2024; it also now requires additional withholding forms to be submitted with Form G-1003.
Georgia taxpayers filing individual income tax returns with net operating loss carrybacks and nonresident members of partnerships, S corporations, and LLCs subject to composite tax should review their filing procedures ahead of these changes. Entities that previously used Form 500-NOL for NOL carryback elections must transition to the Form 500 individual return application schedule for tax years beginning January 1, 2023 onward. Composite filers should update their withholding calculations to reflect the revised tax rate and exemption factor changes effective January 1, 2024.
What to do next
- Submit written comments no later than 10 a.m. on March 5, 2026, referencing 'ITD-2026-001'
Hearing
- Date
- 2026-03-05 at 10:00
- Location
- Virtual
Archived snapshot
Apr 22, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
RE: Proposal to Amend Rules 560-7-4-.01 and 560-7-8-.34.
TO ALL INTERESTED PERSONS AND PARTIES:
In compliance with O.C.G.A. § 50-13-4, the Georgia Department of Revenue gives notice that it proposes to amend Rules 560-7-4-.01 and 560-7-8-.34.
Attached to this notice are an exact copy and synopsis of the proposed Rule. The proposed Rule is being amended under the authority of O.C.G.A. §§ 48-2-12, 48-7-27, & 48-7-129.
The Department of Revenue will consider the proposed amendment of the above Rule at a remote regulation hearing held at 10:00am on Thursday, March 5, 2026, which can be accessed through the following link: https://meet.goto.com/247197533 or via telephone at +1 (571) 317-31161 866 899 4679 (local) and 1 866 899 4679 (toll-free) with the access code: 247-197-533. At the beginning of the hearing, attendees will be required to announce themselves and notify the Department if they plan to make oral comments during the hearing.
The Department must receive all comments regarding the above-referenced Rule from interested persons and parties no later than 10 a.m. on March 5, 2026. Electronic comments must be sent to [email protected]. Please **** reference **** “ITD-2026-001” **** on **** all **** comments.
Synopsis
GEORGIA DEPARTMENT OF REVENUE
INCOME TAX DIVISION
CHAPTER 560-7-4
NET TAXABLE INCOME (INDIVIDUAL). AMENDED
560-7-4-.01. Net Taxable Income (Individual). Amended
This regulation is being amended to change the form required for forgoing a net operating loss carryback. For tax years beginning on or after January 1, 2023, the net operating loss must be listed on a Form 500 individual return application schedule. For tax years beginning prior to January 1, 2023 Form 500-NOL will continue to be used.
CHAPTER 560-7-8
RETURNS AND COLLECTIONS
560-7-8-.34 Withholding on Nonresident Members of Partnerships, S Corporations, and Limited Liability Companies; Composite Return Alternative
This regulation is being amended in conformity with changes made in S.B. 56 (2023).
Paragraph (3)(c) amends the three options available to individual taxpayers for computing the composite tax. For tax years beginning on or after January 1, 2024, the options are amended to consider changes in the individual tax rate applicable under O.C.G.A. 48-7-20 and the elimination of the personal exemption factor under Option 2.
Paragraph (6)(c) is amended to require the additional withholding forms, if applicable, to be submitted with Form G 1003 to the Department of Revenue.
Attachments
ITD 2026-001 Regulation Packet (Redlined).pdf (PDF, 895.41 KB)
SUBJECTS 560-7-4 AND 560-7-8 (No Redlines).pdf (PDF, 164.8 KB)
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