Vetoed by Governor Sonny Perdue

Full Bill Text
Veto Letter

Vote Smart's Synopsis:

Vote to pass a bill that lowers taxes as a means to encourage employment and stimulate business.

Highlights:

-Establishes a Georgia Works Tax Credit for calendar quarters beginning on or after July 1, 2010, which shall have the following characteristics (Sec. 1):

-The amount of the credit shall not be less than $25.00 and not more than $125.00 per individual employee per calendar quarter, and shall be determined based on the Commissioner's evaluation of conditions in the Georgia labor market, the state of the economy, and the State-wide Reserve Ratio; and -The credit may be claimed by an employer for up to four calendar quarters for each individual hired by that employer for services to be performed in Georgia under certain specified conditions.

-Establishes that for the tax year beginning on or after January 1 of the calendar year immediately following the state fiscal year in which the revenue shortfall reserve is funded at the level of $1 billion or more as certified by the state auditor, 25 percent of the excess of the net long-term capital gain shall be subtracted from taxable income (Sec. 3). -Establishes that any individual making a qualified investment directly in a qualified business in the 2011, 2012, or 2013 calendar year shall be allowed a tax credit of 20 percent of the amount invested (Sec. 4). -Establishes that for net worth taxable years beginning on or after January 1, 2012, there shall be no corporate net worth taxes levied or collected and no corporate net worth returns are required (Sec. 5).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that lowers taxes as a means to encourage employment and stimulate business.

Highlights:

-Establishes a Georgia Works Tax Credit for calendar quarters beginning on or after July 1, 2010, which shall have the following characteristics (Sec. 1):

-The amount of the credit shall not be less than $25.00 and not more than $125.00 per individual employee per calendar quarter, and shall be determined based on the Commissioner's evaluation of conditions in the Georgia labor market, the state of the economy, and the State-wide Reserve Ratio; and -The credit may be claimed by an employer for up to four calendar quarters for each individual hired by that employer for services to be performed in Georgia under certain specified conditions.

-Establishes that for the tax year beginning on or after January 1 of the calendar year immediately following the state fiscal year in which the revenue shortfall reserve is funded at the level of $1 billion or more as certified by the state auditor, 25 percent of the excess of the net long-term capital gain shall be subtracted from taxable income (Sec. 3). -Establishes that any individual making a qualified investment directly in a qualified business in the 2011, 2012, or 2013 calendar year shall be allowed a tax credit of 20 percent of the amount invested (Sec. 4). -Establishes that for net worth taxable years beginning on or after January 1, 2012, there shall be no corporate net worth taxes levied or collected and no corporate net worth returns are required (Sec. 5).

Full Bill Text