A registered investment advisory firm in Milton believes a Georgia House bill passed in early May will attract new businesses to the state, and to north Fulton.
Tony Palazzo, president of Berkeley Capital, said he and The Southern Group lobbying firm worked with Georgia Lawmakers on House Bill 461 which exempts registered investment advisor firms from paying an occupational tax.
The bill was passed May 6 and takes effect July1. Occupational taxes are the fees that are based on gross receipts that companies pay to their local government to run their business.
“This is a huge win for Georgia and north Fulton,” Palazzo said of the tax change. “It makes us much more competitive.
“This (bill) helps overall growth of the entire state.”
Some businesses such as law firms, medical practitioners and accountants are already exempt from paying the tax and instead pay an annual fee that is a fraction of what the occupational tax would be.
Palazzo said he began asking lawmakers, such as Rep. Brad Thomas and House Speaker Pro Tem Jan Jones, for help in adding registered investment advisor firms to that list last year.
Berkeley manages over $1 billion in assets, according to Palazzo, and has paid approximately $15,000 in occupational taxes annually. The firm will now pay an annual fee of $400 for each of the firm’s three revenue producing employees, he said.
Palazzo said he believes eliminating the tax burden will make Milton and Alpharetta — which combined have more than 200 registered investment advisory firms — a draw for similar businesses.
