Unemployment is at a record high. To help create jobs, state House Republicans want to pass a series of tax breaks to businesses.
Businesses would get a $2,400 income tax credit for each unemployed person they hire before July 1 of next year and keep on the job for at least two years. The package also includes a $500 credit toward unemployment insurance taxes for those new hires.
House Republicans hope the measure will give businesses an incentive to hire out-of-work Georgians, as well as lure new companies to the state. Additionally, the state would reduce the 6 percent corporate income tax and eventually eliminate it.
The breaks could save businesses upwards of a billion dollars.
Opponents say there’s no guarantee the package will create good-paying jobs; the tax-breaks kick in even for those hired to work 30 hours a week.
They also criticize slashing revenue at a time when more Georgians rely on the state for health care, education and other services.
The bill will go to the House floor for a vote this week.
Businesses would get a $2,400 income tax credit for each unemployed person they hire before July 1 of next year and keep on the job for at least two years. The package also includes a $500 credit toward unemployment insurance taxes for those new hires.
House Republicans hope the measure will give businesses an incentive to hire out-of-work Georgians, as well as lure new companies to the state. Additionally, the state would reduce the 6 percent corporate income tax and eventually eliminate it.
The breaks could save businesses upwards of a billion dollars.
Opponents say there’s no guarantee the package will create good-paying jobs; the tax-breaks kick in even for those hired to work 30 hours a week.
They also criticize slashing revenue at a time when more Georgians rely on the state for health care, education and other services.
The bill will go to the House floor for a vote this week.
(The Atlanta Journal-Constitution)
