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Published Tuesday, February 21, 2012 in Local
Generous tax break due for tightening
By WALTER C. JONES
Morris News Service
ATLANTA -- Before anyone has taken advantage of a tax break designed to spark development of large tourist attractions, the legislature is considering reining it in.
After several years of trying, House Economic Development & Tourism Chairman Ron Stephens finally won passage last year of a bill that would allow the developers of attractions to keep the sales taxes they collect for 10 years until they pay off the construction costs. One year when it did pass the House and Senate, then-Gov. Sonny Perdue vetoed it as too generous.
Last year, Gov. Nathan Deal signed it into law. At the time, a Midwest developer said it was planning to use it for the construction of a large shopping center on Interstate 95 in Kingsland, and an Atlanta developer wanted it for an indoor snow-skiing park. Observers speculated that it would help with the expansion of the Six Flags over Georgia amusement park and the construction of a stadium for the Atlanta Falcons.
During a recession, such large projects bringing in jobs and customers from out of state sounded appealing to many legislators.
But since its been on the books, it hasn't sparked the first job or snagged a single customer.
"So far as I can determine, no one has yet taken advantage of this legislation," said Alison Tyrer, spokeswoman for the Department of Economic Development.
Thursday, Stephens, a Savannah Republican, has introduced House Bill 1050 to scale back who can qualify. Originally, a project only needed to be at least $1 million in size. The new bill would raise the threshold to $100 million. It also extends the pay-back period from 10 years to 25.
Finally, it takes the discretion over which projects qualify from the governor and gives it instead to the commissioner of community affairs, who is appointed by the governor. Critics argued last year that giving one politician that much authority opened the door to payoffs and political favoritism.
The new bill is awaiting action by the House Ways and Means Committee.
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Bonnie is right when the "average Joe" receives something from the government it's called welfare or socialism. Tax breaks for business and corporations are " corporate welfare '. If their endeavor is not going to return enough revenue to pay for the infrastructure required, living wages for employees and fair taxes for the community that supports them they shouldn't be in business. The taxpayer is always subsidizing these firms to " entice " them to come here. We pay for their needs but don't share in the profits. End " Corporate Socialism ".
Posted by Newt Maxwell at 9:34 AM
California and NY are not in trouble because of taxing businesses. They are in financial ruin because of too much government spending. Cut 90% of the spending and taxes will go down for everyone and every business.
Posted by Bonnie Blue at 3:36 PM
Bonnie your post is hilarious. Filled with emotion and little fact. Georgia owes most of it's growth to tax breaks for employers. Go to a state that taxes companies heavily like California. Then see for yourself how much you as an individual will pay. Oh, and California is going broke! People in NY have to work two jobs to make ends meet. Plus many employers are leaving these states.
Now I don't know if this tax break is worthy. I would have to get more info. I don't view GA as a hot tourist location. Plus how much out of state monies would come in.
Posted by Dewecheatem at 1:51 PM
Every time businesses like these get a tax break taxes go up for homeowners and then one splost after another for Jane and John Doe. All this for for a bunch of part time minimum wage and sub-minimum wage jobs with no benefits. It is the greed in capitalism and it's politicians that deny the American dream to the average Jane and Joe and makes socialism so appealing.
Posted by Bonnie Blue at 10:02 AM
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BonnieBlue
2/27/2012
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They also jacked the taxes on businesses and the high earners. They left the states and the states lost billions in tax revenue.
Yes they do need to cut spending.
Posted by Joe Cool at 10:55 PM