The following is a press release issued by the Georgia Senate:
Today, Governor Brian P. Kemp signed Senate Bill 56 into law. Sponsored by Senator Chuck Hufstetler (R – Rome), this measure would require the State Revenue Commissioner to contract with the board of the Employees’ Retirement System of Georgia to offer certain county tax commissioners the option to participate in a state-administered deferred compensation plan.
“Georgia is the number one state in the nation to do business in part because of the General Assembly’s commitment to taking care of our taxpayers and SB 56 is a continuation of that commitment,” said Sen. Hufstetler. “The General Assembly has previously passed legislation that puts money back into the pockets of taxpayers. SB 56 introduces innovative policies to our state while continuing popular fiscal policies that help our citizens. For the first time, we can eliminate the marriage penalty by increasing deductions to $12,000 for singles and $24,000 for married couples. Furthermore, it will allow those who itemize at the federal level to either enumerate or use the standard deduction at the state level, giving taxpayers more freedom to benefit from these new deductions. SB 56 shows our commitment to looking out for the hardworking taxpayers of Georgia by growing our tax base while eliminating unnecessary spending. I want to thank my Senate and House colleagues and Governor Kemp for passing and signing this legislation.”