Lawmakers Gut Ga. Gov's Tax Credit Proposal
"Georgia cannot afford to undermine its ability to invest in education, infrastructure, and quality of life, which are far more critical to economic growth and job creation," Wesley Tharpe, a GBPI analyst, wrote in a review of Deal's proposal.
House lawmakers ultimately abandoned the largest changes that Deal sought. Analysts do not expect the current plan, which now heads to the state Senate, will significantly affect the state's income.
"It was not really a giving in," said Rep. Doug Collins, R-Gainesville, who sponsored the bill for Deal. "It was more of us saying, 'Hey, let's be fiscally prudent.'"
Besides loosening several rules, the bill would explicitly state that companies making alternative energy products or doing biomedical manufacturing can qualify for the tax credits. Still, that is not a major policy shift. Collins said those firms should have already been eligible."If I look at it and I don't see my industry, I might not apply," Collins said, explaining why lawmakers made the change. Deal and other Republican lawmakers will get a second chance to change the tax system. In the coming weeks, Deal's administration is expected to unveil a plan that would at a minimum eliminate the state sales tax that manufacturers pay on the energy needed to create their products. ___ Follow Ray Henry at http://www.twitter.com/rhenryAP.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV