SUMMARY:  HB 958/AP

This bill makes several changes to the tax code based upon recommendations from the Georgia Competitiveness Initiative:

• changes the state income tax credit for certain entertainment production companies
• reinstates the sales tax exemption on food and food ingredients sold to a food bank for FY 2015 and '16
• reinstates the sales tax holiday for school supplies for 2014 and 2015
  • August 1-2, 2014
  • July 31 and August 1, 2015  
• reinstates the energy efficient product tax holiday for 2014 and 2015
  • October 3-5, 2014
  • October 2-4, 2015
• extends the sales tax exemption on personal property used for and in the construction of a competitive project of regional importance to 2016 instead of sunsetting in 2014

The Georgia Budget & Policy Institute estimates the revenue loss from this bill from 2015-2019 to be $151 million for the state and $93 million to local governments.

EFFECTIVE DATE:

Applies to tax year beginning January 1, 2014