A proposal that would bring new scrutiny to special-interest tax breaks that cost the state treasury billions of dollars every year has cleared the state Senate.
The measure, sponsored by Sen. John Albers, would allow the chairs of the Senate Finance and House Ways and Means committee to each request an economic analysis of up to five tax credits every year. The bill easily cleared the chamber Monday with a unanimous vote and now heads to the House.
“We want to keep Georgia the No. 1 place to do business and as former President Ronald Reagan said it best, ‘The greatest social program ever created was a job,'” the Roswell Republican said. “And we can continue to solve so many challenges with a balanced and proactive approach. That means sound fiscal responsibility and keeping people working.”
Lawmakers have created dozens of tax breaks over time, including one credited with attracting the film industry to Georgia and another that rewards donors who send checks to struggling rural hospitals. More recently, a tax credit was created last year for manufacturers of personal protective equipment – and the governor wants to expand it this year. See more at PATCH.