HB86 exempts purchases of tangible personal property used in the expansion or renovation of a qualified aquarium or zoo from state and local income taxes. The exemption applies from July 1, 2023, to June 30, 2027, or until the aggregate caps of $4.5 million of state taxes in the case of aquariums or $800,000 of state and local taxes in the case of zoos is reached.
The Georgia State House of Representatives passed HB86 on March 29, 2023 by a vote of 156 to 10. We have assigned pluses to the nays because this is exactly what the government shouldn’t be doing — picking winners and losers. Government should not intervene in the marketplace by selectively granting tax incentives to specific industries.