Adding Up the Fiscal Notes: Closing the Books on 2013
Tax revisions passed by the Georgia Legislature and signed into law by Gov. Nathan Deal this year will cost an estimated $168 million over five years, draining more scarce resources on top of years of damaging cuts to schools, job training, health care and other services that bolster Georgia’s economy.
Most of the short-term cost, $125 million in 2013-2014, is due to tax changes enacted on the national level, which trickle down to Georgia because state and federal tax laws are closely linked. Almost all of the longer-term costs, $43 million in 2015-2017, are attributable to a new tax break for Georgians who buy and register used cars under the state’s new system for taxing automobiles. The remaining revenue loss is caused by four bills that revise various tax breaks and credits for tourism promotion, business investors and other specific purposes. Download the full report.