Georgia Chamber of Commerce Legislative Update: May 3
Monday, May 03, 2010
Without question, the 2010 session of the Georgia General Assembly, which ended on Thursday, April 29, was good for business. The Georgia Chamber of Commerce is proud to announce that nearly every item on our legislative agenda was addressed this year.
Despite the incredible challenge presented by the state budget, legislators focused on the issues most important to Georgia business and passed bills in the areas of transportation, health care, tax and education that will benefit our state for years to come. Governor Perdue now has 40 days to either sign or veto legislation passed this year.
Transportation After years of advocacy and education by the Georgia Chamber and other key stakeholders, the General Assembly finally agreed on a transportation funding bill. The legislation as passed calls for a referendum in 2012 though which 12 designated regions will be asked to support a one-cent SPLOST for transportation improvements. Regional leaders will be involved in the project selection process and will have the ability to "opt out" of the tax should they so choose. We believe this bill will allow our state to build and maintain the infrastructure needed to efficiently move both people and freight and will be working to garner support for the ballot measure.
Water Aside from the state budget, water was no question the most talked-about issue going into this year's legislative session, and members acted quickly to pass the Water Stewardship Act of 2010. This bill is based on the recommendations of the Water Contingency Task Force and institutes measures to conserve, capture and control this precious resource. This legislation enhances the work of the Regional Water Councils and will help to ensure the state's water needs are met long into the future.
Education Agreement was finally reached on legislation that will help Georgia's schools by improving school board governance. Based on the recommendations of the Commission for School Board Excellence, the bill creates standard qualifications and training requirements and clarifies the roles and responsibilities of school board members. The importance of this legislation has been underscored by the fact that Georgia has had two school districts in only three years lose their accreditation. Our state's students, parents and educators deserve to know that their hard work will not be threatened by poor governance in the future.
The Georgia Chamber also applauds the passage of legislation codifying Georgia Work Ready, ensuring that this vital economic development program -- a partnership between the Chamber and the state -- will continue providing certification and training programs for years to come.
Trauma Care On November 2, Georgians will have the opportunity to save hundreds of lives each year by voting "yes" on a $10 vehicle tag fee that will provide funding for critically needed trauma care throughout the state. Today, our state has only 15 designated trauma centers, and many Georgians are at risk of being too far away from much-needed care in case of an accident at work, at home or on the highway. The Georgia Chamber will be placing its full support behind this ballot measure and encourages all members to do the same.
Economic Development Access to capital is often a hurdle to new and growing businesses, which is why two bills passed this session will help remedy this challenge. The first bill will allow the Georgia Firefighters Pension Fund to invest up to 5 percent of its assets in alternative investments like venture capital funds. In addition, the General Assembly created an "angel investor" tax credit for investment made in early-stage, innovative companies in Georgia to keep high tech startup companies in our state.
Also this November, voters will be able to enhance Georgia's economic climate by clarifying our state's employment contract laws. Today, both employers and employees are vulnerable to contracts being thrown out in court, as judges are not allowed to rule based on intent. By voting "yes," Georgians will provide the court with this important authority to ensure that both parties to a contract are held to the original agreement.
Another important bill passed this year includes legislation that provides companies the same protections from identity theft as individuals.
Tax The Georgia Chamber is proud to have been made part of the Special Council on Tax Fairness for Georgians created this year, along with other key elected officials, business leaders and economists. Our organization has long advocated for a comprehensive review of the state's tax code, much of which is still rooted in Georgia's agrarian beginnings. The council will meet through the remainder of 2010 and present recommendations to the new Governor and General Assembly in January 2011.
With the Jobs, Opportunity and Business Success Act of 2010 (JOBS Act), businesses throughout the state could benefit from tax credits for hiring the unemployed, a reduction in the capital gains tax and elimination of the corporate net worth tax. The bill also includes similar tax incentives for 'angel investors' that were passed in previously-mentioned legislation. The Georgia Chamber will work closely to monitor the bill in its next steps.
For information about all bills tracked by the Georgia Chamber this year, visit www.gachamber.com.
