Inventory tax exemption will be expanded to another business sector.
New Law Makes Georgia Even More Business-Friendly
CNBC recently ranked Georgia the eighth best state in the nation for business, and a new law that went into effect July 1, 2016 will make the Peach State even more welcoming to businesses, particularly distribution centers.
House Bill 935, which was passed by the Legislature and signed into law by Gov. Nathan Deal in May 2016, expands the freeport tax exemption to e-commerce fulfillment centers. Therefore, inventory stored in these distribution center warehouses for less than 12 months will be exempt from local inventory taxes. Similar exemptions are already applied for goods that are manufactured in Georgia for sale elsewhere.
In its annual “Best and Worst States for Business” survey, Chief Executive magazine—which ranked Georgia at No. 8—listed HB 935 one of the state’s top advantages for businesses.
While NFIB/GA didn’t engage heavily on the bill, we were generally supportive of it.