Crossover Day Report: Tax Revisions Worsen Georgia’s Short-Term Finances
Georgia revenues are expected to drop by about $80 million during the current and upcoming budget years and that number could grow if legislators act on bills that are still pending as the 2013 session of the General Assembly nears an end. Most of the revenue loss is due to legislation already signed into law as of Crossover Day, or day 30 of the legislative session – the cut-off point for legislation to move from one chamber to the other. Three additional bills also survived and retain the potential to become law this year. Should the three pending bills become law, total lost revenue in fiscal years 2013 and 2014 will grow to an estimated $93 million. Download the full report.