With only days left in this year’s legislative session, lawmakers are pushing comprehensive tax reform legislation through the General Assembly.
A joint committee introduced a massive tax reform bill Monday that would reduce taxes.
The bill is projected to trim taxes by 53 million dollars in the next fiscal year. To make up for the lost revenue, the state would rely on low or no-tax incentives to lure businesses to create jobs.
Republican Senator Don Balfour of Snellville, helped develop the measure and described some of the savings for Georgians:
“It saves the individual taxpayer about a hundred million dollars, over a 3 year period of time, their birthday tax goes away, there’s a sales tax holiday, if you’re married you get an exemption for, you get an extra amount of money there to the tune of 300 million dollars from the state.”
The birthday tax is the ad valorem car tax people pay each year on their birthday. Opponents say cutting taxes on business is not guaranteed to generate enough revenue to make up for the cuts.