As a result of the COVID-19 pandemic, Georgia is facing an economic and fiscal crisis that threatens the state’s ability to fund critically needed programs and services. A state budget shortfall of $3 to $4 billion is projected in fiscal
Key Takeaways The coronavirus pandemic and resulting economic decline could lead to steep revenue shortfalls without sufficient federal aid. In order to address the effects of the coronavirus, Georgia leaders must prioritize long-term recovery with investments in health, education, the
Each year, the Georgia Budget and Policy Institute analyzes tax legislation considered by the General Assembly and tallies estimated costs and revenues in our two-part Adding Up the Fiscal Notes series. This analysis is a snapshot of the legislative state
Sharp Revenue Losses, Middle-Class Tax Increases Pay for Big Tax Cuts for Top Earners Members of the Georgia General Assembly are considering legislation, HB 949 (LC 43 1624S), to change the structure of the state’s income tax in ways that
Twelve days into the 2020 session of the Georgia General Assembly, legislators voted to take a week-long break from regular business to allow extra time for deliberations over Georgia’s fiscal priorities and annual appropriations bills. State leaders continue to express
Overview After a stretch of largely uninterrupted growth that saw state revenues climb by an annual average of 6 percent between fiscal years (FY) 2011 and 2019, many of Georgia’s agencies have been asked to make mandatory spending cuts.
Our state budget is a clear reflection of Georgia’s priorities. Funding critical programs across the areas of health care, education and public safety requires a stable revenue system capable of keeping pace with the continued growth of our state’s population.
Based on the first quarter of the 2020 fiscal year, which began July 1, the state of Georgia faces mounting shortfalls in both income tax and sales tax collections, which make up nearly 80 percent of funding needed to operate
This report offers the first comprehensive look at how the Tax Cuts and Jobs Act of 2017 (TCJA), in combination with Georgia’s enacted response, will impact the state budget and families at every level of income from 2020–2025. In partnership
You can download and share all the images and charts in the Revenue Primer by clicking here. Budget Basics Georgia plans to spend $27.5 billion in state money raised through taxes and fees for the 2020 fiscal year. The
Georgia Budget & Policy Institute
