Georgia Budget & Policy Institute: Tax Breaks, Income Tax Cuts Could Harm Georgia Finances
ITEP Work in ActionA variety of tax bills await further consideration by state legislators as the Georgia General Assembly enters its final few weeks of the 2016 session. There are 11 tax bills affecting state revenues still alive after Crossover Day, the point where bills must clear at least one legislative chamber to have a good chance at becoming law. Nine could reduce revenues by $686 million over five years through direct tax breaks. The remaining two would cut income taxes at an estimated five-year price of more than $2 billion in lost revenue. Lawmakers who want to protect Georgia’s ability to fund education and other core services while also saving for rainy days need to pump the brakes on revenue-draining proposals before March 24, 2016, when the Legislature concludes its business for the year.