ATLANTA (WALB) - Gov. Brian Kemp will sign a number of economic and business-related bills into law Tuesday morning.
The bill signing will be at 10:30 a.m.
Here is what he’s signing:
This bill offers tax incentives for job creation and economic development in many sectors of Georgia’s economy, including medical manufacturing, high-impact aerospace defense projects, and historic rehabilitation. The bill also ensures greater transparency for tax incentives by allowing both the chairperson of Senate Finance and the chairperson of House Ways and Means to request economic analysis of up to five tax credit programs per year.
This bill codifies a previous executive order Kemp signed. This bill allows builders and contractors to use private professional providers for plan review and inspections immediately upon acceptance of their application by a county or municipality.
This bill allows manufacturers to extend any freeport exemption they claimed in 2020 through the remainder of 2021. The Level 1 Freeport Exemption allows cities and counties to choose, with the approval of their voters, to exempt some personal property of manufacturers from taxation for 12 months. Kemp’s office said this bill will ease the tax burden on Georgia manufacturers as they continue recovering from the economic impact of COVID-19.
This bill allows for a tier-based approach toward defining Georgia small businesses, enables data sharing between state agencies, and codifies a definition for a startup in Georgia laws.
This bill creates the criminal offense of organized retail theft for organizing, planning, financing, directing, managing, or supervising one or more individuals to steal property from a retail establishment.
This bill allows partnerships and S Corporations in Georgia to make an annual, irrevocable decision as to whether they will pay their state income taxes at the entity level rather than the shareholder or partner level.