ATLANTA (April 14, 2020) | Today, Sen. Brandon Beach (R – Alpharetta) announced that once the 2020 legislative session resumes, he would file legislation intended to reignite Georgia’s restaurant and retail businesses that have suffered as a result of COVID-19. Known as the “Georgia Economic Rebound Act”, Sen. Beach plans to model the legislation after Georgia’s Opportunity Zones.
“Our restaurants and retail outlets have been the hardest hit during this unprecedented pandemic,” said Sen. Beach. “We are now in unchartered territory. Luckily, our conservative budgeting has allowed us to build up a rainy-day reserve fund and I cannot think of a better use of our reserves than to put it back towards our small businesses. As small businesses in Georgia are the backbone of our economy, the importance of this simple tax credit is that it goes straight to the small business owner. Plain and simple, we need to get our folks back to work. We can do that by ensuring small businesses stay afloat and rehire their employees. If this happens, I have no doubt that it will ultimately result in the strongest possible reboot of our economy.”
The proposed legislation would make the entire state an “Opportunity Zone” for two years, geared towards restaurant and retail businesses within the state. Under the legislation, the Opportunity Zone would allow businesses to claim a $3,500 tax credit for every new hire. More details on the proposed bill will be released once the 2020 legislative session resumes.