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GA HB464
Bill
Status
Introduced
2/16/2023
Primary Sponsor
Shaw Blackmon
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AI Summary
- Removes outdated 2005-era provisions from Georgia's Revenue Shortfall Reserve statute, including the consolidation of the former Midyear Adjustment Reserve and a $7 million appropriation authorization for State Fiscal Year 2005
- Establishes that any amount of the Revenue Shortfall Reserve exceeding 25 percent of the previous fiscal year's net revenue may be used only for tax relief, as authorized by an Act of the General Assembly
- Repeals the 15 percent cap on the maximum percentage of the previous fiscal year's net revenue that may be held in the Revenue Shortfall Reserve, allowing the reserve to grow without an upper limit
- Retains existing provisions allowing the General Assembly to appropriate up to 1 percent of prior-year net revenue from the reserve for K-12 needs, and allowing the Governor to release amounts exceeding 4 percent for legislative appropriation
- Amends Code Section 45-12-93 of Title 45 of the Official Code of Georgia Annotated, relating to management of budgetary and financial affairs
Legislative Description
Income tax; revise rates of taxation on income
Last Action
House Committee Favorably Reported By Substitute
2/26/2024
Committee Referrals
Ways and Means2/16/2023
Full Bill Text
No bill text available