A leading Georgia business group has lauded a plan to return $1 billion in “surplus” money to Peach State taxpayers.
On Tuesday, Republican Gov. Brian Kemp announced the plan to give back the money, saying it doesn’t belong to the government but the taxpayers.
The proposed one-time, special refund would mirror previous rebates, returning $250 to single tax filers, $375 to head-of-household filers, and $500 to married couples filing jointly. If approved, it would mark the third rebate package state leaders have delivered over the last three years.
“This could have a big impact on Georgia’s small businesses,” National Federation of Independent Business State Director Hunter Loggins said in a statement. “Most small businesses in the state are organized as pass-through entities, meaning the revenue passes through the business to the owner who pays taxes at the individual tax rate. Governor Kemp’s proposed tax refund would help relieve some of the financial pressure on Main Street businesses.”
“We’re encouraged by what we’re hearing,” Loggins said. “This tax refund, combined by the financial relief provided by the passage of Referendum Question A would go a long way toward creating an environment that enables small businesses to grow and create jobs.”
Referendum Question A would raise the threshold for paying taxes on tangible personal property.
“Small businesses already pay sales tax on equipment, desks, and other property at the time of purchase. The TPP tax means they have to pay taxes on the same items again and again,” Loggins said. “Raising the threshold for this tax would help reduce the financial burden on employers dealing with rising costs due to inflation.”
Republican Lt. Governor Burt Jones said the money would “help Georgians keep more of their hard-earned money and will separate us from the failed policies in Washington.”
“Under our state’s strong conservative leadership, we’ve balanced the budget every year while lowering our income tax rate and returning billions of dollars to taxpayers,” Jones said in a statement.