Georgia voters to decide tangible personal property tax exemption increase
(The Center Square) — Republican Georgia Gov. Brian Kemp signed a measure to allow Georgia voters to decide whether to increase the threshold for paying the state’s tangible personal property tax.
House Bill 808 sets a Nov. 5 referendum, the same day as this year’s presidential election, for Georgia voters to decide whether to increase the tangible personal property tax exemption from $7,000 to $20,000. If approved, it would apply to all tangible personal property except motor vehicles, trailers and mobile homes.
“This can be a major victory for Georgia’s small businesses,” NFIB State Director Hunter Loggins said in a statement. “The $7,500 threshold is outdated and needs to be adjusted for inflation at the very least. Moving the exemption threshold to $20,000 would lift Georgia from the bottom tier of states concerning how tangible personal property is calculated. It’s time for Georgia to amend this onerous tax.”
Republican Lt. Governor Burt Jones championed HB 808 alongside groups like the Georgia Chamber of Commerce.
The focus on small business-friendly initiatives during this year’s legislative session was hardly a surprise as Georgia Republicans telegraphed early they planned to pursue a “pro-business” agenda. In November, Jones and Republican state senators announced their “Red Tape Rollback” priority, an initiative Jones had previously teased.
“Any opportunity we have to protect small businesses is an opportunity to promote future economic development for our citizens,” state Sen. John Albers, R-Roswell, said in a statement. “Georgia’s small businesses remain the backbone of our economy, and I am proud to contribute to the state’s ongoing success with this legislation.”
If voters approve, the change will take effect on Jan. 1, 2025.
