by Senator Cecil Staton
The landmark tax reform package passed during the 2012 legislative session has been touted as being good for business. Companies seeking to relocate or expand operations in Georgia will now be able to take advantage of several key incentives that reduce the corporate tax burden, promote industry growth and advance opportunity.
However, HB 386 is a bill that is also good for families. While the elimination of the vehicle ad valorem, or “birthday tax”, has received quite a bit of attention, there are several other components of the bill that will positively impact families. One in particular is the increased individual personal exemption for married couples who jointly file from $5,400 to $7,000—effectively removing the in-state “marriage penalty” for Georgians.