Georgia voters passed a statewide referendum that raises the tangible personal property tax exemption for small businesses.
About 64.5% of voters cast ballots in favor of Referendum Question A, which raises the exemption from $7,500 to $20,000.
“Georgia’s small businesses already pay sales taxes on equipment, desks, and other property,” National Federation of Independent Business State Director Hunter Loggins said in a statement. “The tangible personal property tax means they must pay taxes on the same items year after year.
“That makes it harder for them to grow, create jobs, and support their communities,” Loggins added. “Raising the threshold for paying this onerous tax from $7,000 to $20,000 is going to ease the financial pressure on employers struggling with rising costs due to inflation.”