Income tax; affiliated corporations file separate or consolidated returns; provisions

A BILL to be entitled an Act to amend Code Section 48-7-21, relating to income taxation of corporations, so as remove the requirement that affiliated corporations file separate income tax returns with this state unless the Department of Revenue has requested or preapproved the filing of consolidated returns; to authorize Georgia affiliated groups to elect to file separate or consolidated income tax returns; to provide for the effect of such elections; to provide for tax liability, allocation, and apportionment; to make such election irrevocable for five years; to authorize affiliated groups that have filed consolidated returns to continue under the current law; to provide for definitions; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.