HB 149 was passed in Georgia on May 4, 2021. The bill (which was in response to IRS notice 2020-75) provides that pass-through partnership and S-corporation entities may make an annual election to pay the tax due on income earned by the entity at the entity level at the rate of 5.75%.
For ALEF Fund participants this means that you may be eligible to sign up for a larger tax credit than the previous $10,000 maximum for pass-through entities. The ALEF Fund is hosting a webinar on Thursday, November 4 at 11 am providing more information on the benefits of HB 149 in relation to the ALEF Fund.
Questions? Please contact Nicole Flom, ALEF Fund Manager.
Register for the webinar below.