Revenue and taxation; tax credits for business enterprises; provide that certain military zones qualify for designation as less developed areas during a limited period of time
Impact
The bill's modifications to the tax credit framework are expected to have a substantial impact on state laws regarding economic development. By extending tax credits to businesses in newly classified military zones, the legislation seeks to incentivize economic activities in regions that are often vulnerable to economic downturns, particularly those with high poverty rates. This designation will likely provide a boost to local economies by encouraging business investment and job creation.
Summary
House Bill 932 aims to amend the Code Section 48-7-40.1 of the Official Code of Georgia Annotated, which pertains to tax credits for business enterprises situated in less developed areas. The bill specifically incorporates provisions that allow certain military zones to be designated as less developed areas for a limited duration. This change intends to facilitate economic growth in regions facing severe economic distress, especially those related to military installations.
Contention
There are notable points of contention surrounding HB 932, particularly regarding the criteria for designating areas as less developed. The bill allows for broad discretion among state officials in determining eligible areas, which may raise concerns about fairness and transparency in the designation process. Additionally, critics might argue about the effectiveness of tax credits in truly alleviating poverty or stimulating significant economic growth compared to potential alternative approaches.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.