ATLANTA (AP) - House Republicans are backing an economic package aimed at encouraging Georgia businesses to begin hiring again.
The measures would create a $500 credit toward the unemployment insurance tax and a $2,400 income tax credit to a company for each new employee it hires. It also would create a one-year "new business tax holiday" that eliminates the $100 state filing fee. It would begin phasing out the corporate income tax in 2012, reducing it by half a percentage point over 12 years.
A second prong would ask voters to eliminate the state inventory tax on businesses, which costs $2.5 million each year.
State Rep. Tom Graves, R-Ranger, said it would help boost confidence in Georgia business so "spending, investing and job creation" will grow.
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