In November the state Legislature convened for a short “special session,” an atypical move that was called by Governor Deal to address increasing the state budget to provide much-needed support to areas of the state impacted by the hurricane, and other tax issues. Activity during the five-day session:
- The Legislature amended the state budget by adding $270 million to help the recovery efforts from the damage caused by Hurricane Michael.
- The Legislature passed an income tax credit to provide relief to the timber industry in southwest Georgia, allowing them a credit for the losses incurred in the hurricane.
- The Legislature ratified the Governor’s executive order to suspend the jet-fuel tax.
- In addition, during the session several tax-related hearings were held, including the continuation of the House Study Committee on Real Property Taxation, which is analyzing the property tax system in Georgia.
Looking ahead, the state Legislature has opened “prefiling,” allowing legislators to introduce bills for the 2019 session. These bills are being analyzed as they are filed for any impact to credit unions, and work continues with legislators to help shape the issues ahead before they are introduced. Stay tuned!
