IT-WR: Wood Residuals Tax Credit (Received Preapproval) (2024)
Georgia · Georgia DOR · Used for tax years 2024
Georgia Form IT-WR is used by taxpayers who have received preapproval from the Georgia Department of Revenue for the Wood Residuals Tax Credit. It reports the preapproved credit amount, credits carried forward from prior years, and the total credit available for the current year.
Who files this form
Form IT-WR is for a taxpayer transporting or diverting wood residuals who has received preapproval from the Georgia Department of Revenue for the Wood Residuals Tax Credit.
The form states that taxpayers seeking to claim credits under O.C.G.A. § 48-7-29.14(b)(1) or (b)(2) must submit the appropriate forms to the Department of Revenue.
What you'll need
To complete and attach Form IT-WR, have:
- Form IT-WR-AP, your income tax return, and the appropriate Tax Credit Schedules.
- Your taxpayer name, FEIN or Social Security number, address, business type, and tax year ending.
- Your contact person's name, telephone number, and email address.
- Your state of incorporation, if you are a corporation.
- The date of GFC certification.
- Your preapproved Wood Residuals Tax Credit amount and any credit carried forward from prior years.
How to file
- Complete Section A with your business and contact information, tax year ending, and GFC certification date.
- In Section B, enter your preapproved credit amount on line 1 and credit carried forward from prior years on line 2. Add these amounts and enter the total credit available in the current year on line 3.
- Attach Form IT-WR and Form IT-WR-AP to your income tax return. Complete the appropriate Tax Credit Schedules to claim, allocate, or carry forward the credit.
The form requires submission to the Georgia Department of Revenue but does not provide a mailing address or e-filing instructions.
Common mistakes
- Using this form without having received preapproval from the Georgia Department of Revenue. The form states that it is for taxpayers who have received preapproval.
- Leaving out either Form IT-WR or Form IT-WR-AP when submitting your income tax return. Section C says to attach both.
- Skipping the appropriate Tax Credit Schedules. Section C says to complete them to claim, allocate, or carry forward the credit.
Questions people ask
Do I need preapproval to use Form IT-WR?
Yes. The form is for taxpayers who have received preapproval from the Georgia Department of Revenue.
Where do I enter credit carried forward from prior years?
Enter it on line 2 of Section B.
How do I calculate the total credit available in the current year?
Add the preapproved credit amount on line 1 to the credit carried forward on line 2. Enter the result on line 3.
What must I attach to my income tax return?
Attach Form IT-WR and Form IT-WR-AP. Also complete the appropriate Tax Credit Schedules to claim, allocate, or carry forward the credit.