Georgia Senate backs $100 million tax credit program - WTOC-TV: Savannah, Beaufort, SC, News, Weather & Sports

Georgia Senate backs $100 million tax credit program

The Georgia Senate backed a plan Friday to offer more than $100 million in tax credits to investors in exchange for putting money into low-income communities and small businesses.

The tax credits would be split between a state version of the controversial “New Markets” federal tax credit program and Invest Georgia, a venture capital fund that is a top priority of Lt. Gov. Casey Cagle, the Senate's president.

Supporters say House Bill 439, which passed 41-9 with overwhelming Republican support, will boost small businesses and startup tech firms. The measure now heads back to the House for its consideration. Opponents say at least the “New Markets” portion of the bill bears too much resemblance to the old CAPCO investment programs in other states that wound up making huge profits for a few large capital firms, or CAPCOs, that handled the money.

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