Research Tax Credit

Tax credit for qualified research expenses (a) As used in this Code section, the term: (1) “Base amount” means the product of a business enterprise’s Georgia gross receipts in the current taxable year and the average of the ratios of its aggregate qualified research expenses to Georgia gross receipts for the preceding three taxable years [...]

The Georgia Chemistry Council, Inc. (“GCC”), a trade association representing 22 companies in the bio-tech industry, filed a declaratory judgment action against the Georgia Department of Revenue (“GDOR”) to challenge the validity of a regulation[1] which interprets the research tax credit codified in OCGA § 48-7-40.12 (“the statute”). The statute allows a tax credit of [...]