It is required because the holding company files as a partnership.
Per GA website:
You are required to file a Georgia Income Tax Return Form 700 if your business is required to file a Federal Income Tax Form 1065 and your business:
- Owns property or does business in Georgia
- Has income from Georgia sources; or
- Has members domiciled in Georgia
The Form 700 is an information return and as such the income tax is paid by the partners and not the partnership.
This also applies to an LLC that is treated as a partnership for federal income tax purposes.
@sallyaynge
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