Perdue proposes tax increases - WALB.com, Albany News, Weather, Sports

Perdue proposes tax increases

^ Perdue addresses the Legislature ^ Perdue addresses the Legislature

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January 15, 2002

Atlanta- AP-- Increases in tobacco and alcohol taxes are the centerpiece of Governor Sonny Perdue's first budget. The proposed "sin tax" would increase the price of a pack of cigarettes by 46 cents.

However, he said the proposed increases would last for only four years. Perdue said the increases are designed to raise revenue and address health problems. The proposals would raise an estimated $387 million annually. The governor's spending bill does not include pay raises for teachers or state employees.

He also called for reducing homestead exemptions from the present $25,000 to $10,000. Some legislators say they expect new taxes to be part of any plan to deal with a $620 million shortfall.

Tax changes proposed by Governor Perdue in his budget proposals:

Tobacco

  • Cigarettes. Tax would increase from 12 cents to 58 cent per pack.
  • Smokeless tobacco. Not taxed now. Perdue would add a 36 percent excise tax.
  • Cigars. Tax would increase from 13 percent to 36 percent.

    Effective: When approved by the Legislature and signed by the governor. Estimated revenue: $337 million dollars.

Liquor

  • Malt beverage. Tax would increase from 48 cents per gallon to 72 cents per gallon.
  • Wine. Tax would increase from one dollar and 51 cents per gallon to two dollars and 26 cents.
  • Distilled spirits. Tax would increase from three dollars and 79 cents per gallon to five dollars and 68 cents.

Effective: When approved by the Legislature and signed by the governor. Estimated revenue: $50 million dollars. The liquor and tobacco tax increases would expire in four years.

Property Tax

  • Homeowners now can shield the first $25,000 of value in their homes from local property taxes because the state pays $285 million to local governments to offset the lost revenue. Perdue proposes to cut that to $10,000, requiring the state to pay just $89 million to local governments. Currently, taxpayers are saving an average $210 annually in taxes. Their savings under the new plan will be $55.00, meaning they will be paying about $155 more.

Effective: State budget year beginning July first.

 

posted at 5:10PM by davidf@walb.com