The House has approved HB 1023 the long-sought jobs bill, but by watering-down the capital gains tax cut, the bill lost much of its opposition.
An amendment to the bill makes it so the state must have $1 billion in reserves before the capital gains tax — levied against the sale of stocks, bonds and some luxury goods — is cut.
The bill passed by a vote of 154-8 with little discussion.
Gov. Sonny Perdue vetoed a similar bill last year, but has been on board this time around because of the safeguards requiring the state to have rebuilt its reserves. Those reserves are largely spent now as the state deals with the lingering effects of a devastating recession.
The bill gives a small tax credit to businesses that hire unemployed workers.