Georgia’s workforce has shrunk by 2.5% and unemployment has risen to 10.3%. Cue Rep. Tom Graves (R-Ranger) and his Jobs, Opportunity, and Business Success Act of 2010 (JOBS Act of 2010). Unlike another “stimulus” bill that has had lackluster results, this bill will help put unemployed Georgians back to work.
- Creation of the “Year for Georgia Entrepreneurs”: Allowing Georgians the opportunity to start a new business with no state fees could remove the only hurdle many entrepreneurs need to begin.
- “Angel Investor” Tax Credit: An income tax credit of up to 50% of an investment made in small or start up Georgia businesses with 20 or fewer employees. The income tax credits would be available after 2 years of investment. The total “Angel Investor” tax credit pool would be limited to $10 Million per year (adjusted for inflation).
- Quarterly Credit Towards Unemployment Insurance Tax: For each eligible employee hired who is receiving State Unemployment benefits, a company will receive a quarterly credit towards their unemployment tax.
- $2,400 Tax Credit for the Hiring of the Most Difficult to Employ: Any Georgia company which hires a person who is difficult to employ and is currently receiving unemployment benefits and has been unemployed for at least four weeks, shall receive a tax credit of $2,400 after 24 months of consecutive employment.
- Elimination of the Net Worth Tax: The net worth or intangible tax is a hold over from a 1930’s law that taxes wealth accumulation. The Tax Foundation advocates the elimination of this tax as we are only 1 of a handful of states that still retain it.
- A Triggered 50 Percent Reduction of the Capital Gains Tax for all Georgia Taxpayers: Georgia currently has the 15th highest Capital Gains tax in the country and the 2nd highest in the Southeast, with two of our neighboring states at 0%.
- Gradual Phase out of the Sales Tax Deposit on Small Businesses: