Tuesday, January 30, 2007

Perdue seeks senior tax cut

Posted By on Tue, Jan 30, 2007 at 10:01 PM

Gov. Sonny Perdue announced Monday that a bill has been introduced that will completely eliminate state income tax on retirement income of Georgians 65 and older by the year 2013.

State representatives Rich Golick and Larry O'Neal will sponsor the bill in the Legislature. Once completely phased in, the Senior Income Tax Credit will result in $142 million a year in tax relief and adds to the more than $2 billion in tax relief that the governor has delivered since taking office in 2003, according to a press release issued Monday by the governor's office.

"This tax cut will allow seniors to better cover the costs of prescription drugs and health care, or spend more time with their families," Perdue said. "It will help attract retirees to our state and make our economy even stronger."

In 2003, Perdue and the Georgia General Assembly began a gradual tax-relief package for Georgia's seniors. While on the campaign trail last fall, Perdue promised to accelerate and deepen the tax cuts so that all retirement income will be tax-free for seniors.

"Gov. Perdue's common-sense tax relief will continue to grow our state and give our seniors a more comfortable retirement," said Golick, one of Perdue's floor leaders in the state House. "It will keep retired Georgians in our state."

-- Max Pizarro

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