Georgia House OKs New Revenue Streams

By TRAVIS FAIN
Macon Telegraph
News-Politics
March 27, 2010

ATLANTA — Bills to raise fees, tax hospital revenues, tax some Internet sales and eventually overhaul Georgia’s entire tax code passed the Georgia House of Representatives on Friday, setting the stage for state leaders to balance a difficult budget not only through continued spending cuts but also with new revenue.

The House also passed a series of job tax credits and a rollback in the state’s capital gains tax, both of which were a centerpiece of the Republican agenda last year until Gov. Sonny Perdue vetoed them. This year, the capital gains credit wouldn’t go into effect until state revenues recover and the state’s rainy day fund grows from almost nothing to $1 billion, which likely will take years.

Perdue had sought the hospital tax — which his office prefers to call a fee — last year as the state’s budget situation began to worsen. After much back and forth with hospital executives, the tax amounts to 1.45 percent on hospital revenues, instead of Perdue’s initial proposal of 1.6 percent.

To read more: http://www.macon.com/2010/03/27/1074275/georgia-house-oks-new-revenue.html?storylink=addthis#ixzz0jZiQqshf

To contact reporter: tfain@macon.com

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