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| Contact Michelle Hitt Grasso 404.656.0311 |
REPRESENTATIVE DOUG HOLT CO-SPONSORS TAXPAYER DIVIDEND ACT
ATLANTA—Georgia State Representative Doug Holt (R-Social Circle) has co-sponsored HR 1216, legislation to amend the Georgia Constitution to provide income tax relief to Georgians during years of revenue surpluses.
“This legislation is a fundamental shift in the way we view surpluses,” Holt said. “Funds that were once used for other things could be now be specifically applied to education, savings and the reduction or elimination of the personal income tax. This kind of spending reform combined with tax relief is long overdue in Georgia.”
Under this resolution, the Taxpayer Dividend Act, Georgians will be given the opportunity to vote to amend the Georgia Constitution to provide tax relief in years of a budget surplus by limiting the use of excess revenues. The resolution proposes no spending caps but instead provides for limitations on how excess revenues can be spent. Specifically, in years of a budget surplus, excess revenues would be spent in the following order of priority:
- Education – for unaccounted for increases in student enrollment in local school systems.
- Revenue Shortfall Reserves – a savings account of 8% of the previous fiscal year spending will be maintained.
- Taxpayer Dividend – when the first two items are fully met, then remaining excess revenues will be returned to taxpayers by increasing the personal income tax exemptions for all Georgians.
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