If you haven’t been privy to the ongoing saga in the Legislature over proposed changes to Georgia’s tax code, it turns out you didn’t miss out on much. On Monday, the Georgia House of Representatives adjourned without taking up the bill that would reduce state income tax from six percent to four-and-a-half percent (among other things).
According to the Atlanta Business Chronicle, the hesitation in considering the bill stemmed from uncertainty over numbers. House Speaker David Ralston and other leaders had significant questions about the validity of data presented about proposed tax cuts. Ralston’s questioning is certainly not unwarranted, especially after last week’s session where House Minority Leader Stacy Adams pointed out serious flaws in data presented by a previous version of the bill.
People disappointed by the lack of closure to this story may have one final hope. Ralston and other Senate Leaders will ask Governor Nathan Deal to take up the issue of tax reform during a special legislative session this summer. Under Georgia law, a special session is held every 10 years to draw new congressional and legislative maps. Based on previous attempts to alter the tax code, it is very unclear what a special session will produce, if anything.
As always, stay tuned to Atlanta Real Estate Forum for more news on Georgia taxes and Atlanta real estate.