Late last week, the Georgia Senate by a vote of 33-13 joined the House of Representatives in passing HB 1023, the Jobs, Opportunity, and Business Success (JOBS) Act of 2010. HB 1023, introduced by former State Representative Tom Graves (R-Ranger), would eliminate the state’s net worth tax, cut the high capital gains tax in half, and create tax credits for businesses that hire unemployed workers and investment in small businesses.
The JOBS Act encourages growth by cutting taxes so that individuals and businesses will have more money to spend and invest in Georgia, which will create jobs for Georgians and increase revenues for the state. NTU strongly supports this measure because it is a welcome change from the misguided efforts going on across the country to raise taxes in the midst of a recession. Let’s hope that Governor Sonny Perdue moves quickly and signs this pro-growth measure into law.