Georgia Senate Unanimously Approves Tax Relief Bill for Small Businesses
In a significant development for Georgia’s business community, the Georgia Senate unanimously approved House Bill 808 on Tuesday, March 26th. The bill, championed by Sen. John Albers (R–Roswell), targets the reduction of taxes on tangible personal property, a move aimed at easing financial strains on small businesses across the state.
Sen. Albers emphasized the critical role small businesses play in Georgia’s economy, stating, “Small businesses are the lifeblood of the Georgia economy.” He expressed pride in collaborating with NFIB and Rep. Mike Cheokas to pass the bill, highlighting its potential to foster growth and prosperity among local businesses.
Rep. Mike Cheokas (R–Americus), the bill’s sponsor, hailed the bipartisan effort behind its passage, acknowledging the support of Shaw Blackmon, chairman of the House Ways and Means Committee, and Sen. John Albers in navigating the legislative process. He underscored the importance of reducing tax burdens and regulatory hurdles faced by businesses in Georgia.
Against the backdrop of record inflation levels and increased government spending, Sen. Albers stressed the relevance of the legislation in addressing rising costs associated with business ownership and operation, attributing these challenges to federal fiscal policies.
NFIB State Director Hunter Loggins lauded House Bill 808 for its potential to alleviate financial pressures on small businesses. Loggins highlighted the impact of the tangible personal property tax on business owners, emphasizing the need to raise the threshold for this tax to mitigate the effects of inflation on operating costs.
With House Bill 808 now awaiting Governor Brian P. Kemp’s signature, its journey toward implementation is ongoing. The measure’s significance requires further scrutiny from Georgia citizens, as it necessitates a constitutional amendment for enactment, with a slated review scheduled for November.
You can find more information on HB 808 here.
