Wednesday, March 25, 2009

“JOBS” Act for Georgia’s Economy Clears Senate

Today the Georgia State Senate voted for a true stimulus package with the passage of the Jobs, Opportunity, and Business Success Act of 2009 (JOBS Act). Sen. Mitch Seabaugh (R-Sharpsburg) supported the bill.

“What we are proposing is harnessing the greatness of Georgia…the intellectual capital, the entrepreneurial spirit, and the true grit of Georgians,” said Seabaugh. “This bill will get Georgia’s economy flourishing in a fast, efficient, and stable manner. This is a long-term, sustainable solution, not an instant knee jerk reaction like the Federal stimulus package.”

House Bill 481 and 482 comprise the JOBS Act with HB 481 providing a new business filing fee holiday, a $500 credit towards the unemployment insurance tax for each eligible employee hired, a $2,400 income tax credit for each eligible employee hired, and the elimination of the sales tax deposit. HB 482 would eliminate the state inventory tax on all Georgia businesses.

The Senate inserted a provision that will allow for the gradual elimination of the corporate income tax, which will be phased out over the next 10 years providing that the state maintains a 5 percent rainy day fund. Seabaugh also praised the Act as the most pro-business legislation the General Assembly has ever considered and believes its focus on protecting small business will be the key to bringing Georgia through the current recession.
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