Loading chat...
GA HB1035
Bill
Status
Engrossed
3/12/2020
Primary Sponsor
Charles Martin
Click for details
AI Summary
- Cited as the "Tax Exemption and Credit Reform Act of 2020," the bill requires the Office of Planning and Budget to procure independent economic analyses of tax benefits, including 5-year estimates of net changes in state revenue, state expenditures, economic activity, and public benefit
- The chairpersons of the House Committee on Ways and Means and the Senate Finance Committee may each request up to 5 economic analyses per year by August 1, with completed analyses due by December 1; each request must target one specific tax exemption, credit, deduction, deferral, rebate, abatement, or preferential rate
- Completed economic analyses must be provided to the House Budget and Research Office and the Senate Budget and Evaluation Office, and summaries may be attached to related fiscal notes if an analysis was conducted within the prior year
- All existing state tax credits and exemptions are reduced in value by 10 percent for a one-year period from July 1, 2020, through June 30, 2021, applying to any tax credit earned, preapproved, or claimed and any taxable transaction occurring during that period
- The Act takes effect upon the Governor's approval or upon becoming law without such approval
Legislative Description
Sales and use tax; certain tax exemptions; repeal sunset provisions
Last Action
Senate Tabled
6/25/2020
Full Bill Text
No bill text available