Georgia House passes legislation to cut taxes and create jobsNews, Press Release, State & National March 3, 2021
ATLANTA – Today, the Georgia House of Representatives passed four pieces of legislation to cut taxes on Georgia families and businesses, as well as create jobs and expand economic opportunity across the state. These measures include the Tax Relief Act of 2021, the Georgia Economic Recovery Act of 2021, the Georgia Economic Renewal Act of 2021 and the Reauthorization of the House Rural Development Council.
“Our House of Representatives is focused on expanding economic opportunity for every Georgian,” said Speaker David Ralston (R-Blue Ridge). “Today, we have cut taxes on Georgians and adopted legislation to create jobs from Blue Ridge to Bainbridge. I am proud of our continuing efforts to ensure Georgia remains a great place to live, to work and to raise a family.”
The Tax Relief Act of 2021 (HB 593), sponsored by Rep. Shaw Blackmon, cuts income taxes by $140 million. The bill raises the standard deduction on state income tax returns for a single taxpayer by $800 and raises the standard deduction for a married couple filing a joint return to $1,100.
“The Tax Relief Act of 2021 cuts taxes on Georgians and allows them to keep more of their hard-earned money,” said Rep. Shaw Blackmon (R-Bonaire), Chairman of the Ways & Means Committee. “This measure follows the tax cuts that the House passed in 2018 and 2020 in demonstrating our commitment to keeping the tax burden on Georgians as low as possible.”
The Georgia Economic Recovery Act of 2021 (HB 586), sponsored by Rep. Sam Watson, provides or extends a number of sales tax exemptions for manufacturing and other businesses to encourage job creation and economic growth. Among the measures are the extensions of sales tax exemptions for projects of regional significance and sales tax exemptions for supplies in select manufacturing industries. It also exempts tickets for fine arts performances from sales taxes to bolster an industry that has been devastated by COVID-19.
“Our Georgia Economic Recovery Act of 2021 supports businesses and industries that create jobs throughout our state by incentivizing investment,” said Rep. Sam Watson (R-Moultrie), Chairman of the Appropriations Subcommittee on General Government. “We have worked hard to keep the tax burden on businesses reasonable and that work continues through this measure.”
The Georgia Economic Renewal Act of 2021 (HB 587) provides a number of business tax credits to encourage job creation and attract strategic industries to Georgia. Among the measures is a tax credit to incentivize manufacturers of medical equipment to locate in Georgia and create jobs here. Originally proposed by Governor Brian Kemp, this measure would make Georgia less reliant on other states and nations for medical supplies. House Bill 587 also provides an additional tax credit for high-impact aerospace defense projects to attract such national defense projects to Georgia.
“Georgia has been the #1 state for business year after year – and we intend to keep it that way,” said Rep. Bruce Williamson (R-Monroe), Secretary/Treasurer of the Majority Caucus. “We want to see high-paying jobs come to Georgia and bolster our economy by making products that will benefit our state and its people. I am proud to champion job creation and thank our colleagues for supporting this important legislation.”
House Resolution 185, sponsored by Speaker David Ralston and carried by Rep. Sam Watson, reauthorizes the House Rural Development Council for the remainder of the 2021-2022 legislative session. Created by the House of Representatives in 2017, the House Rural Development Council has traveled to rural communities across the state meeting with local officials and business owners about the challenges facing rural communities. The Council has explored topics like expanding rural broadband, ensuring access to healthcare and advancing educational opportunities in rural Georgia.
“Our House Rural Development Council has been on the frontline working to ensure that your opportunities aren’t limited by your zip code in Georgia,” said Speaker David Ralston. “I cannot thank the members of this Council enough for the hours of work they have put into making the future brighter in rural communities across our state. I look forward to their continuing work on behalf of our House of Representatives and the people of our great state.”
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