ATLANTA - Republican lawmakers say the latest version of a tax proposal they hope to pass next week cuts the budget hole left by the plan by more than $90 million.
House and Senate leadership on Friday announced an agreement on the proposal, which they touted as one that will create jobs and save Georgia taxpayers. The proposal now raises the tax rate from 4.5 percent to 4.6 percent - a move that is estimated to shrink next year's revenue estimate shortfall from $220 million to $128 million.
Georgia's current tax rate is 6 percent.
"We are delivering the one thing Georgians are wanting us to do now," said Speaker David Ralston, who called the tax proposal among the session's most important priorities.
House Majority Leader Larry O'Neal said the number was tweaked "out of an abundance of caution."
"We had finally confirmed it was going to be close to $220 million hit or so to the budget, which we weren't comfortable we could absorb in growth," O'Neal said.
Gov. Nathan Deal signaled his support for the measure, which he tied to a March boost in revenue announced Friday. (See separate story.)
"Georgia continues to experience strong revenue growth, a leading indicator of a rebounding economy," said Deal. "This positive trend will aid our ability in the fi
Monday
October 14th, 2024
10:21AM
