ATLANTA – The chairmen of the two legislative committees responsible for tax policy will co-chair an upcoming review of all of Georgia’s tax credits.
The initiative, announced last month, is intended to make sure the various tax credits on the books in Georgia aimed at boosting economic development and job creation are giving taxpayers a good return on that investment.
Lt. Gov. Burt Jones, who presides over the state Senate, announced Monday he is appointing Senate Finance Committee Chairman Chuck Hufstetler, R-Rome, to co-chair the review. House Speaker Jon Burns named House Ways and Means Committee Chairman Shaw Blackmon, R-Bonaire, to serve as the other co-chair.
Other appointees announced Monday include Sens. John Albers, R–Roswell; Greg Dolezal, R-Cumming; Bill Cowsert, R-Athens; and Michael “Doc” Rhett, D- Marietta; state Reps. Debbie Buckner, D-Junction City; Kasey Carpenter, R-Dalton; Chuck Martin, R-Alpharetta; and Bruce Williamson, R-Monroe. House Appropriations Committee Chairman Matt Hatchett, R-Dublin, will serve as an ex-officio member.
Georgia’s tax credits have posted a mixed record when it comes to bang for the buck. While the popular film tax credit – the state’s largest and most expensive – has vaulted the Peach State into a leadership position in the film industry, other tax credits haven’t paid off nearly as well. In some cases, audits have shown the jobs tax credits have generated likely would have been created anyway.
“My appointees are experts on tax policy and have been implementing and analyzing tax policy supporting economic development and Georgia’s ranking as the number one state in which to do business for over a decade,” Jones said Monday.
“I have called on some of the House’s most experienced leaders on tax policy to work on this important review,” Burns added. “I know they will work on behalf of all Georgians to support job growth and maintain a fair, competitive tax structure.”
The review will take place during the remainder of this year so that any legislative changes that may be proposed could be considered during next year’s General Assembly session. The lawmakers will work with the Governor’s Office of Planning & Budget, the state Department of Economic Development, the Georgia Department of Revenue, and business leaders throughout the process.
Public meetings of the group will be announced in the near future.