Tax Reform

Property Taxes

• In 2010 we passed Senate Bill 346 which is the most sweeping overhaul of the Georgia property tax system in decades achieved unanimous approval in Senate and overwhelming support in the House.
• The Property Tax Assessment and Appeals reform bill is aimed at ensuring all Georgia properties are properly assessed at Fair Market Value and that property owners have guaranteed rights to appeal.
• A study of five metro-Atlanta counties shows an estimated overpayment of property taxes in excess of $200 million during 2009.
  
  Jobs, Opportunity and Business Success Act of 2010
  House Bill 1023: This legislation is designed to stimulate the state’s economy by providing tax credits, cuts and incentives to create, expand and attract new businesses in Georgia.
  • Georgia Works Tax Credit: available quarterly for between $25 and $125 per unemployed individual hired as an employee for at least a year.
  • The corporate and individual capital gains tax rate will be reduced by 25 % for the first year that the Rainy Day Fund reaches $1 billion; the rate reduction will be 50 % for the next year.
  • Angel Investor tax credit will reward those who invest in Georgia start-up companies that create jobs.
  • Eliminates the net worth tax on GA corporations after January 1, 2012.
  • Coupling this bill with many of the other economic development measures we passed will truly position Georgia to lead the nation in economic recovery.