ATLANTA – The state’s chief economist injected a note of caution Tuesday as the General Assembly began reviewing Gov. Brian Kemp’s $32.5 billion fiscal 2024 budget request.
More than half of the state’s record $6.6 billion surplus was built on a huge increase in capital gains tax payments not likely to be repeated, Jeffrey Dorfman told members of the Georgia House and Senate Appropriations committees at the start of three days of hearings on Kemp’s spending recommendations.
Typically volatile corporate income tax payments also are uncertain, with only 2% of Georgia businesses accounting for 96% of the record $2.5 billion the state collected in corporate income taxes last year, Dorfman said.
“If they don’t make as much money, that spigot shuts off very quickly,” he said.
The expected loss of capital gains taxes and likely decrease of…
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