Graves Named 2010 "Legislative Champion" by Americans for Prosperity of Georgia

Graves Named 2010 "Legislative Champion" by Americans for Prosperity of Georgia
 
(RANGER, GA) – In the final days of the campaign, Americans for Prosperity (AFP) of Georgia named leading conservative candidate and former State Representative Tom Graves a “Legislative Champion” of 2010.  Graves received this honor for his groundbreaking authorship and sponsoring of the tax cutting, job creating JOBS (Jobs Opportunity and Business Success) Act of 2009 and 2010.
 
“AFPGA appreciates the Georgia legislature for all of the positive bills passed this Session, but some individual legislators went above and beyond, championing fiscally responsible legislation that will serve Georgia well into the future,” said the AFPGA release.
 
It then listed Graves as the “original author of the JOBS Act.”
 
“I am honored to be named a Legislative Champion by Georgia AFP,” said Graves. “Creating jobs, cutting taxes, and promoting free market, conservative principles have been cornerstones of my campaign—I am excited to lead Georgians and all Americans towards a stable economic future built on these tested and true principles.”
 
The Jobs, Opportunity, and Business Success Act of 2010 (HB 1023) was approved with bi-partisan support in both the State House and Senate and now waits for Gov. Sonny Perdue’s signature.
 
The act is a combination of tax credits, cuts and eliminations to create, expand and attract new businesses in Georgia.  The approved version includes:

·         An “Angel Investor” Tax Credit: An income tax credit of up to 50 percent of an investment made in small or start-up Georgia businesses with 20 or fewer employees.

·          A Quarterly Credit Towards Unemployment Insurance Tax: For each eligible employee hired who is receiving state unemployment benefits, a company will receive a quarterly credit towards their unemployment tax.

·         The Elimination of the Net-Worth Tax: The net worth or intangible tax is a holdover from a 1930s law that taxes wealth accumulation. The Tax Foundation advocates the elimination of this tax as Georgia is one of a handful of states that still retain it.

·         A Triggered 50 Percent Reduction of the Capital Gains Tax for all Georgia Taxpayers: Georgia, previous to passage of the bill, had the 23rd highest capital gains tax in the country and the second highest in the Southeast, with two of our neighboring states at zero percent.
 
Graves represented the 12th House District from 2003 until March 23, 2010 when he resigned in order to qualify for the upcoming special election in Georgia’s 9th Congressional District.  Graves announced last May that he would seek the 9th District Congressional seat that was vacated by Congressman Nathan Deal, who is running for Governor.