Georgia groups turn attention to tax overhaul | Georgia

(The Center Square) — As the state seems to be to overview and most likely overhaul its tax device, one state public coverage workforce says officers must support the tax credit device’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 mentioned in a observation. “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 present tax credit device is prone and lets in huge out-of-state firms to exploit Georgia’s tax credit whilst sidelining small companies,” Fox added. “The want for constant, tough opinions can’t be understated. Georgians deserve transparency in how their tax greenbacks are being spent. By enforcing a complete and common analysis procedure, the state can lay the basis for transparency, responsibility and equitable and accountable useful 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 end does not come as a marvel,” NFIB State Director Hunter Loggins said in a statement. “Gov. Brian Kemp and legislative leaders have helped small companies no longer best live to tell the tale however develop and create jobs in spite of a bunch of demanding situations together with the worst fee of inflation this nation has observed in many years. Our individuals totally be expecting that momentum to proceed because the governor and lawmakers paintings to support Georgia’s trade local weather.

“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.”