The Senate passed a series of tax breaks to help luxury jet owners, back-to-school shoppers and video game developers.
The measures could cost the state and local governments more than $100 million in lost tax revenue next fiscal year. The House passed the bills earlier this month. Minor changes made to the bills in the Senate mean they will have to return to the House for consideration.
One, House Bill 933, would make permanent a tax exemption on parts and equipment used to repair and maintain aircraft registered outside of Georgia. Luxury jet-maker Gulfstream and other companies that do such repairs pushed to make the exemption permanent.
The chamber also backed House Bill 958, which would grant and extend several tax breaks. It would provide income tax credits to video game production companies in hopes of spurring the business in Georgia.
The measure also would extend the popular sales tax holiday for back-to-school shoppers Aug. 1-2 and for energy- and water-efficient appliances Oct. 3-5. It would temporarily exempt from sales taxes any food purchased by food banks. And it would extend the sales tax exemption for materials used in construction designated by the state as a “project of regional significance.”
A state analysis estimated the bill would cost the state and local governments about $121 million next year.
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