Latest news with #HB92
Yahoo
25-04-2025
- Business
- Yahoo
Bryan County BOE rescinds decision to opt out of HB 581
BLACK CREEK, Ga. (WSAV) — Friday, the Bryan County Board of Education (BCBOE) voted to unanimously rescind their decision to opt out of HB 581. On April 1, 2025, Governor Kemp signed HB 92 into law. The bill allows for school districts who opt in to HB 581 to receive a sales tax exemption for qualifying construction materials used in capital outlay projects for educational purposes. The bill was passed and signed after the March 1 deadline to opt out of HB 581. After review of HB 92, the BCBOE decided the new legislation is a 'win-win' for county residents and schools. With more than $300 million in building and construction needs over the next decade, the BCBOE concluded potential savings of millions of dollars in a sales tax exemption will help offset some of the revenue losses from opting in to HB 581. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
19-02-2025
- Business
- Yahoo
Georgia House passes tax bills for gas taxes, HB 581 deadline, Helene relief
ATLANTA (WSAV) — The Georgia House of Representatives passed two tax bills and a resolution, focusing on property tax relief, motor fuel tax relief and relief related to hurricane recovery efforts. House Resolution 42 would ratify, or officially confirm, executive orders issues by Governor Brian Kemp that suspended of the collection of motor and diesel fuel taxes after Helene. The resolution is sponsored by State Representative Matthew Gambill (R-Cartersville). 'Thank you to our partners in the House for ratifying Georgia's gas tax suspension during the aftermath of Hurricane Helene,' Kemp said. 'The suspension provided immediate relief to Georgia families.' House Bill (HB) 92 would extend the deadline for local governments to opt in or out of the controversial HB 581. HB 581 is a homestead tax exemption that locks in assessed value for homeowners if their local government opts in. The extension would run until the end of the month, Mar. 31, versus the current Mar. 1 deadline. The bill is sponsored by Shaw Blackmon (R-Bonaire). 'HB 92 would provide local governments that are considering opting out of this local tax relief with reasonable time to reconsider,' a House spokesperson said. HB 223 would exclude federal disaster relief payments, assistance grants and crop insurance related to Hurricane Helene from counting towards taxable net income. This would be in effect for tax years 2024-2029. It could also create a tax credit for timber loss and a sales tax exemption for building materials used to repair or replace greenhouses and structures used for the production of animals like coops. The resolution and both bills will have to go in front of the Georgia Senate and be passed to become law. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
