Georgia counties are asking lawmakers to expand the state sales tax during the 2022 legislative session to reduce their dependency on property taxes.
The ACCG, an advocacy group for Georgia’s counties, is calling on the General Assembly to tax Georgians for digital products such as videos and music, often purchased through a streaming service.
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Three Georgia laws go into effect at the start of the new year that impact juvenile justice, sales tax on vehicles and medical transactions.
House Bill 63 changes the way the fair market value of a vehicle is estimated. The value of a car will be calculated as the total depreciation, lease amortized amounts and down payments. Fair market value is how much a vehicle is worth for sale. The new bill excludes interest or finance charges in base or down payments.
Senate Bill 80 is aimed at improving medical billing transparency. It requires insurers to disclose their prior authorization policies online. The prior authorization process calls for health care providers to contact the insurer before providing a particular service to ensure it would be covered under a patient’s plan. It adds another layer of health care approval that critics said could prolong care.
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If the number of bills submitted in the Missouri House of Representatives and the Senate is any indication, lots of time will be devoted to debating taxes during the next legislative session starting Jan. 5, 2022.
Approximately 10% of the 1,020 bills filed contain the word “tax” in the description. Senators filed about 40 bills and joint resolutions while representatives filed approximately 60.
More than 50 bills cover taxation and general revenue.
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New laws that will cut income taxes for Georgians and increase tax incentives for businesses go into effect Thursday with the start of a new fiscal year.
Dubbed the Tax Relief Act of 2021, House Bill 593, raises the standard deduction on state income tax returns for a single taxpayer by $800 to $5,400 and by $1,100 to $7,100 for a married couple filing a joint return, starting in the 2022 tax year.
HB 593 created the second tax cut of its kind in three years. It will cut income taxes by more than $600 million collectively over the next five years. The Georgia Legislature doubled the state’s standard deduction under the Tax Cuts and Jobs Act in Georgia in 2018.
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