10/15/2024
Vote YES on HB 808!
Early voting starts tomorrow. In addition to casting votes for candidates, there will also be ballot questions to answer. One being House Bill 808. This one is super special to me.
I spent two years working on this bill with NFIB. Hunter Loggins and I crafted wording, met with Chairman Blackmon and Legislators from Ways and Means, Chairman Cheokas and Legislators from Small Business Development, testified before committees, and held our breath as it made its way through the House, Senate, and Governor Kemp’s desk, before ending up on the ballot.
To quickly summarize, this bill will expand an exemption on tangible personal property (TPP) tax for small business and a few personal assets. I’ll explain the small business part, since that was my focus.
If you are a small business owner, you are likely very familiar with this. Every year you fill out a TPP tax return for your GA county. You list assets like furniture, signs, computers, software, and more. Those assets are added up and (currently) any amount over $7,500 is taxed - every single year. Keep in mind, these are the same assets that you’ve already paid sales tax on at the time of purchase, that you will pay capital gains tax on at the time of disposal, and the same assets that you use to earn profits. Profits that you end up paying income tax on. Tax on tax on tax. House bill 808 simply raises the exemption amount for what is taxed as TPP from $7,500 to $20,000. An amount that hasn’t been adjusted for inflation in over 20 years.
A yes vote for HB 808 is a yes vote for small business! Be sure to share this and tell a friend. Let’s get this over the finish line!
