Form It-Fc - Film Tax Credit - 2008 Page 2
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3Form IT-FC 2008 (09/08)
Calculation of Credit
Current Tax Year
1. Credit on Base Investment or Excess Base Investment
(a) Base Investment/Excess Base Investment in Georgia
____________________
(b) Percent of Credit for Base Investment
____________________
20%
(c) Tax Credit for Base Investment (multiply 1(a) by 1(b))
_________________
2. Additional Credit for Qualified Georgia Promotion
(a) Base Investment/Excess Base Investment in Georgia
____________________
(b) Percent of Credit for Qualified Georgia Promotion
____________________
10%
(c) Tax Credit for Qualified Georgia Promotion (multiply 2(a) by 2(b))
_________________
3. Total Current Year Tax Credit (Add lines 1(c) and 2(c))
Total Credit Allowed
_________________
4. Credit Carried Forward from Prior Years (From Line 12)
_________________
5. Total Credit Available in the Current Year (Line 3 plus Line 4)
_________________
6. Georgia Income Tax Liability for Current Year
_________________
7. Remaining Tax Credit (Line 5 minus Line 6, but no less than zero)
_________________
8. Amount to be claimed against Withholding (*See note below)
_________________
9. Remaining Credit to be Carried Forward
* Credit from previous years is not eligible to be utilized against withholding unless a timely election was made for the
respective prior year. In order to claim the withholding benefit, Form IT-WH must be filed at least 30 days prior to the
filing of the original income tax return.
Carry Forward Credit from Prior Tax Years
Specify Year(s)
_________________
10. Amount of Film Tax Credit Generated in Prior Years
_________________
11. Amount of Film Tax Credit Utilized or Transferred in Prior Years
_________________
12. Balance of Film Tax Credit Available to Carry Forward
Was any of the tax credit from Line 12:
Previously utilized against Withholding? _____________ If so, amount and year utilized _________________
Previously claimed against Income Taxes? ____________ If so, amount and year claimed _________________
Previously Transferred? ___________________________ If so, amount and year transferred ______________
Credit transfers must be documented on Form IT-TRANS and mailed to the address on that form or credit will not be allowed
when claimed by the transferee.
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