Staff Analysis of the Legislation
|
|
The current substitute to this bill (LC 34 4942S) makes several changes to the Georgia Agriculture Tax Exemption (GATE) Program: 1) authorizes a three year renewal instead of an annual renewal; 2) changes the gross revenue threshold to get the exemption from $2,500 to $5,000; 3) requires the retailer to annually verify gate cards and separately identify on the receipt exempt from non-exempt purchases; and 4) establishes an income tax credit for qualified agricultural producers. The bill would go into effect January 1, 2017. |
