spot_imgspot_img

Georgia groups turn attention to tax overhaul

(The Center Square) — As the state looks to evaluate and possibly overhaul its tax system, one state public policy group says officials should improve the tax credit system’s transparency.

“The state has taken a vital step toward creating a fairer tax system by convening this panel and by implementing specific legislative provisions like the one in 2021’s SB 6 that provided for the analyses of tax benefits,” Georgia Budget and Policy Institute President and CEO Staci Fox said in a statement. “While these measures are commendable, past evaluations of tax credits have run into resource and information limitations that hindered meaningful findings and the identification of actionable next steps.

“Overall, the current tax credit system is vulnerable and allows large out-of-state companies to exploit Georgia’s tax credits while sidelining small businesses,” Fox added. “The need for consistent, robust evaluations cannot be understated. Georgians deserve transparency in how their tax dollars are being spent. By implementing a comprehensive and regular evaluation process, the state can lay the foundation for transparency, accountability and equitable and responsible resource allocation.”

Fox addressed the state’s Joint Tax Credit Review Panel, which will hold meetings across the state and recommend possible changes for lawmakers to consider.

Georgia offers an array of tax credits, ranging from credits for historic preservation to the much-ballyhooed credit to attract film production to credits Peach State politicos tout whenever a business relocates to the state.

Meanwhile, a business group says reducing tangible personal property tax rates could help the state continue its run as a leading place for businesses. This week, Venture Smarter ranked the Peach State as the top state for business growth.

“Georgia’s first-place finish doesn’t come as a surprise,” NFIB State Director Hunter Loggins said in a statement. “Gov. Brian Kemp and legislative leaders have helped small businesses not only survive but grow and create jobs despite a host of challenges including the worst rate of inflation this country has seen in decades. Our members fully expect that momentum to continue as the governor and lawmakers work to improve Georgia’s business climate.

“We support Governor Kemp’s call to stop frivolous lawsuits and reduce insurance premiums, and we’re encouraged by legislators’ commitment to addressing the state’s ongoing labor shortage and reducing tangible personal property tax rates,” Loggins added. “These initiatives will ensure that Georgia remains a great state to open and grow a small business for years to come.”

DON’T MISS OUT

Be the first to know about the latest news, giveaways, events, and updates from The Black Chronicle!

We don’t spam! Read our privacy policy for more info.

spot_imgspot_img
spot_img

Hot this week

African and Caribbean Nations Call for Reparations for Slave Trade, Propose Global Fund

Nations across Africa and the Caribbean, deeply impacted by...

Health care company agrees to pay $22.5 million to settle claims of over billing

A health care company agreed to pay nearly $22.5...

Sports betting expert offers advice on paying taxes for gambling winnings

(The Center Square) – Tax season is underway, and...

Entertainment district benefits don’t outweigh the cost, economists say

(The Center Square) — Weeks later, after more details...

Business association ‘disappointed’ by WA L&I’s proposed workers comp rate hike

(The Center Square) – The Association of Washington Business...

Trial date set in WSDOT gas price whistleblower lawsuit

(The Center Square) – A trial date has been...

Shreveport mayor rejects city council’s police station emergency declaration

(The Center Square) — Despite Shreveport city council members...

Illinois quick hits: Judge denies motion; trout season to begin

Judge denies motion to hold concealed carry ruling ...

Airports in Arizona receive new federal funding

(The Center Square) – Seventy-five million dollars in federal...

‘Sanctuary state’ Illinois’ role in Trump’s deportation plan murky

(The Center Square0 – Former President Donald Trump’s plan...

Washington candidates for Secretary of State clash over disinformation, residency

(The Center Square) - It’s unclear how many people...

Trump blasts DOJ for unsealing evidence against him just before the election

Former President Donald Trump blasted the Department of Justice...

More like this
Related

Trial date set in WSDOT gas price whistleblower lawsuit

(The Center Square) – A trial date has been...

Shreveport mayor rejects city council’s police station emergency declaration

(The Center Square) — Despite Shreveport city council members...

Illinois quick hits: Judge denies motion; trout season to begin

Judge denies motion to hold concealed carry ruling ...

Airports in Arizona receive new federal funding

(The Center Square) – Seventy-five million dollars in federal...