Don't forget to RSVP for Georgia Chamber of Commerce Business Day at the Capitol on Thursday, February 26th!
The event will start with a light breakfast at 8:30 a.m. at the Georgia Freight Depot and include updates from key elected leaders including Lieutenant Governor Casey Cagle and Speaker Glenn Richardson. To RSVP or for more information - email businessday@gachamber.com.
For links to legislators and the legislation mentioned in this update, visit www.gachamber.com and click on Government Affairs.Legislative Schedule Update Wednesday, February 19, 2009, marked the half way point of this year's legislative session. Including today, twenty working days remain.
Economic Development Representative Tom Graves (R-Ranger) has introduced the Jobs, Opportunity and Business Success (JOBS) Act of 2009 (HB481 and HB482). The bill as proposed includes:
$500 credit towards unemployment insurance tax liability for each eligible employee hired through July 2010
$2,400 income tax credit for each eligible employee hired during the same period and kept on the job for at least 24 months
Elimination of the state inventory tax
Elimination of the sales tax deposit
Phased out repeal of the corporate income tax
One year suspension of incorporation filing fees
Governor Sonny Perdue and Representative Larry O'Neal (R-Bonaire) have introduced changes to the Business Expansion Support (BEST) Act which will modify a number of current tax credits including:
Quality Jobs Tax Credit - would replace the existing headquarters tax credit with a credit for jobs that pay a higher wage than the county average
Research and Development Tax Credit - would remove the requirement that companies have a positive net income for the previous three years and instead employs the federal calculation allowing companies to claim 10% of increased qualified research over gross receipts
Port Tax Credit - would be expanded to apply to imports as well as exports. Credit would be calculated based on yearly use rather than the current, fixed 1997 figure
Retraining Tax Credit - would clarify eligibility for companies retraining employees for new technologies
Discretionary Withholding Option - would provide more recruitment options by giving the state the ability to offer payroll-withholding benefits once other tax liability has been exhausted
Mega Tax Credit - would be available for companies who agree to create a minimum of 1,800 jobs, invest a minimum of $450 million, or bring an annual payroll of $150 million to the state.
Taxation
House Bill 233, sponsored by Ed Lindsey (R-Atlanta), would limit the increase on all property assessments to three percent annually for a period of two years. The bill passed the House 110-63 and is being heard by the Senate Finance Committee this week.
Two measures have been introduced in the House to preserve the "Back to School" sales tax holiday. House Bill 120, which has passed the Ways and Means Committee, also includes the continuation of the tax holiday for water and energy efficient products.
House Bill 271, which would phase out the sales tax on energy used for manufacturing or other qualified production processes has been introduced and is awaiting a hearing by the Ways and Means Committee.
Georgia Employers Association Spring Conference The Georgia Employers Association 2009 Spring Conference is being held March 29 - 31 in Savannah. Topics will include changes to the Americans with Disabilities Act, the Family and Medical Leave Act and pending legislation such as the Employee Free Choice Act. For information and registration, click here.
