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1 Objectives, Guiding Principles, Update To N. Perimeter Chapter October 19, 2010 Bradford C. Dickson, CPA h /t il/i d
2 GA Tax System Time Capsule 1931 Corporate Net Worth tax imposed, rate unchanged 1937 Income tax established with existing rates 1951 Sales tax established 1971 Motor fuel tax established 1981 Standard deduction unchanged 1931 to now Cobbled additions, tax breaks 2010 Special Tax Council to study and recommend reform
3 HB 1405 Signed by Governor on June 1, Adds O.C.G.A , 2, 3, and 4. Creates 11-member Special Council on Tax Reform and Fairness for Georgians to study state s revenue structure and recommend tax reform to new 12-member Joint Committee. Changes legislative procedure for recommendations of Council.
4 HB 1405 Objectives You are being asked to do something no one to my knowledge has been able to do before.. examine all 19 platforms and suggest reformation to our tax code to make it more stable, balanced fair, transparent, understandable, easy and inexpensive to comply.. - Larry O Neal Chairman, House Ways and Means
5 Revenue Sources Alcohol Tb Tobacco Motor Fuel Corporate Income Insurance Premium Franchise Tax Personal Income Sl Sales Tax
6 HB 1405 Council Members Special Council members include: Gov. Purdue, 4 leading GA university economists, chair of GA Chamber of Commerce, GA chair of National Federation of Independent Businesses, 2 appointees by the Lt. Gov., 2 appointees by Speaker of House.
7 HB 1405 Joint Committee Members Joint Committee members include: President Pro Tempore of Senate, Speaker Pro Tempore of House, Chairpersons of Way and Means and Senate Finance committees, Majority and Minority leaders of Senate and House, 2 appointees by House Speaker, and 2 appointees by Senate President
8 HB 1405 Special Council to issue report to Joint Committee on or before January 10, Joint Committee to introduce legislation incorporating recommendations of Special Council without significant change. House and Senate floor to vote legislation l in up or down vote without amendment. Gov veto power in place.
9 . Guiding Principles
10 Special Council s Guiding Principles Towards Responsible Tax Reform Growth Enhancing Efficient Stable Clear Fair and Equitable Properly Developed Guiding principles are not mutually exclusive, but will require proper balancing.
11 Guiding Principles Growth Enhancing Fosters economic growth, job creation, and rising standard of living. Encourages investment t in human, physical and technological l capital. Enhances GAs GA s competitive position in business development and retention.
12 Guiding Principles Efficient Reduces distortions in economic decision-making for households and businesses. Minimizes tax impact in allocation of capital and labor. Implies low marginal rates (implies avoiding pyramiding). ) However, may be used to discourage behaviors imposing cost on others.
13 Guiding Principles Stable Stable to general economic activity, less volatile, and negatively buoyant. Adequate to meet structural needs of state s services and obligations. Implies infrequent changes in tax rates and severe changes to the delivery of services. Would still expect falling revenues during great recession.
14 Guiding Principles Clear Simple, understandable, and predictable. Increases voluntary compliance and lowers administrative i ti costs, including matters of controversy. D t di t t l i d titi ff t f t Does not disrupt tax planning and competitive effects of past actions.
15 Guiding Principles Fair and Equitable Horizontal and Vertical Horizontal equity - taxes equals equally (or those in similar circumstances similarly). Vertical equity varies the tax burden based on ability to pay. Examples: horizontal equity avoids preferential treatment by groups. vertical equity avoids a pure per capital tax.
16 Guiding Principles Properly Developed Special Council will conduct its business openly. Will develop its recommendations based on analysis of issues and options. Set agenda for lasting reform and possible further study.
17 Guiding Principles Concurrence Minimizes distortions in economic decision-making. Broad tax base and low rates. Few exemptions and special provisions. Promotes equity through transfers, subsidies, and credits rather than with progressive tax rates. Taxes consumption rather than income in order to encourage savings and investment. Keeps tax rates low so as to increase level of activity that is being taxed.
18 Case Study: Michigan White Paper 2005 Legislation to tax services.
19 Deliberations on Sales Tax on Services * Positive Factors Relative to a Sales Tax on Services Revenue Growth Significantly ifi broadens tax base. Aligns tax system with service oriented economy. Modernizes tax system with consumer spending trends. * Michigan Society of CPAs, Inc., Technical Observations on Legislation, June 2005
20 Deliberations on Sales Tax on Services * Positive Factors Relative to a Sales Tax on Services Revenue Stability and Collections Consumption tax is less buoyant to profits and economic volatility. Accelerates collections with monthly reporting. * Michigan Society of CPAs, Inc., Technical Observations on Legislation, June 2005
21 Deliberations on Sales Tax on Services * Positive Factors Relative to a Sales Tax on Services Fairness Tax is transparentt Services tax base is progressive with respect to discretionary or luxury spending. Taxing discretionary or luxury services follows ability to pay. * Michigan Society of CPAs, Inc., Technical Observations on Legislation, June 2005
22 Deliberations on Sales Tax on Services * Positive Factors Relative to a Sales Tax on Services Efficiency in Economic Process Reduces distortions in economic decision-making. Assumes there is substitution of choice (goods vs. service). Neutralizes economic inequalities: DVD vs. tickets to a movie Gym equipment vs. gym membership Bug spay vs. pest control service CD vs. itunes download
23 Deliberations on Sales Tax on Services * Positive Factors Relative to a Sales Tax on Services Administrative Ease Reduces (but does not eliminate) i planning and manipulation. Lowers compliance costs relative to income tax, especially with few exemptions and single rate of tax. Addresses Taxability of Technology Broadens tax base to capture digital delivery of software. Most effective where single rate of tax.
24 Deliberations on Sales Tax on Services * Negative Factors Relative to a Sales Tax on Services Potential for Pyramiding Absent B-to-B B exemption, purchased services taxed twice. Penalizes businesses that outsource services. Drafting business input exemption will take care.
25 Deliberations on Sales Tax on Services * Negative Factors Relative to a Sales Tax on Services Incidence of Benefit Tax imposed on consumption within state tt (parallel lll use tax). Discourages location of businesses to state. Encourages consumers to procure service out of state (especially in border locations). Other manipulations (billing).
26 Deliberations on Sales Tax on Services * Negative Factors Relative to a Sales Tax on Services Not Deductible for Federal Purposes Limited it deductibility d results in higher h cost for individuals id who could otherwise deduct income or property tax. Administrative Burden New ground for many service providers and service consumers. Issues of structure, sourcing, consumption, registration, and exemption. General lack of precedent in other states for taxing services.
27 Deliberations on Sales Tax on Services * Characteristics of an Effective Sales Tax on Services Structure: Inclusive applies to every service sourced to state tt unless specifically exempt. Creates presumption of tax with narrowly interpreted exemptions. Captures services not contemplated. May foster efforts to expand exemptions.
28 Deliberations on Sales Tax on Services * Characteristics of an Effective Sales Tax on Services Structure: Exclusive imposes tax only on specifically enumerated td service. Avoids controversy of presumption and services not contemplated. Limits need for exemptions. Most prevailing but may violate fairness and equity.
29 Deliberations on Sales Tax on Services * Characteristics of an Effective Sales Tax on Services Sourcing Benefit sourcing (vs. performance) carefully defined. Price and place of benefit subject to manipulation. Must address multiple benefit locations. Single Rate Single state rate critical for compliance and ease. Single rate required for membership in the Streamline Sales Tax Agreement (SSTA).
30 Deliberations on Sales Tax on Services * Characteristics of an Effective Sales Tax on Services Limited Exemptions Overarching structure: t Exemptions on type of consumer vs. type of service/transaction. ti Limit inequity and noncompetitive results. It Interpretation tti and enforcement of exemption process. SSTA compliance. Broadening base results in more permanent reform.
31 Deliberations on Sales Tax on Services * Characteristics of an Effective Sales Tax on Services Input Exemption Addresses input exemption for purchased services Alternative B-to-B approach: Purchased services consumed in rendering taxable service. Consumed service necessary and integral to production of product or services to which business organized. Blanket B to B. VAT like 199 like - Qualified production activity.
32 Deliberations on Sales Tax on Services * Characteristics of an Effective Sales Tax on Services What did we learn from Michigan?
33 . The state of our State
34 Historic Revenue Declines Nationwide
35 The State of our State
36 The state of our State
37 Where does it go?
38 The state of our State
39 The state of our State
40 Structural Deficit State s revenue structure (taxes, fees, charges and other ongoing revenues) are insufficient to support ongoing operating expenditures. General Assembly (O.C.C.A. C ) Required to adopt a balanced budget Must not appropriate funds exceeding: Estimated CY estimated net treasury receipts + PY surplus
41 Structural Deficit Governor Sole authority to set the estimated treasury receipts for CY Required to implement balanced budget by YE by means of using: reserves, other one-time sources, or withholding CY expenditures. Recent deficit have been funded by federal stimulus revenues, deferred benefits, and short-term federal Medicaid assistance programs.
42 Dealing with half a deck
43 Where do we stand?
44 Where do we stand?
45 Where do we stand?
46 The state of our State
47 The state of our State
48 The state of our State jobs credits
49
50
51
52
53 . Sampling of Reform Ideas Received
54 Sampling Flatter Income Tax
55 Sampling Address Poverty Levels
56 Sampling Broaden Base, Compress Brackets
57 Sampling Tax more services
58 Sampling which services?
59 Sampling Model For Reform
60 Calendar Ahead Full Council: Sept 29, Presentations Private/Public Sectors Nov 3, Work Session Dec 1, Work Session Jan 10, Report Deadline Fact Finding: Oct 6, Columbus Oct 7, Albany Oct 21, Blue Ridge Ot Oct 27, Dlt Dalton
61 . Questions?
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