Georgia Legislative Watch

Travis Fain has an update on some legislation dealing with tax cuts and credits, including HB 481, the JOBS Act:

House Bill 481, which contains a bunch of job-creation tax credits, may be stripped of its corporate income tax phase-out again. In its place, O’Neal said, would be a cut in the state’s capital gains tax.

A House-Senate conference committee, which O’Neal is on, will meet on this later today. For you tax policy wonks out there, the new code language is below. But, basically, instead of paying state taxes on capital gains at the same rate you would regular income, there would be a discount, O’Neal said. That would bring Georgia’s tax code in line with federal code on this issue, he said.

The future of HB 480, the car tag fee, is also up in the air.