Golden, Stoner amendments expand tax relief for seniors             March 13, 2006 -- Atlanta, GA – Legislation that would increase an income tax exemption for retirees, adopted by the Senate on Monday, was greatly improved by two amendments offered by Sen. Tim Golden (D-Valdosta) and Sen. Doug Stoner (D-Smyrna).

Senate Resolution 1085, as first proposed, would have increased the income tax exemption for Georgians age 62-64 to their first $50,000 of annual retirement income and completely exempted those 65 and older from paying any income tax, starting in 2009. Under current law, beginning in 2008, retirees 62 and older will be exempt from paying taxes on their first $35,000 of annual income.

The Senate then adopted an amendment offered by Golden, chairman of the Senate Democratic Caucus, which raised the exemption to $75,000 for ages 62-69 and increased the age for a total exemption to 70.

“I fully support this income tax relief for our seniors who have worked hard and paid taxes all their lives,” Golden said. “Raising the income limit to the first $75,000 in annual income will assist substantially more middle-class Georgians as the ‘baby boomer’ generation starts to reach retirement age.”

Stoner then offered an amendment to limit the income level at the first $100,000 for those 70 and older to avoid removing some of Georgia’s wealthiest citizens from the income tax rolls all together.

“Approximately 95 percent of all Georgia households earn less than $100,000 per year,” Stoner explained. “And I suspect the percentage of retiree households is even higher. My amendment addresses only the wealthiest Georgians age 70 and over. It didn’t seem fair for working-class families to continue paying state income tax while the state would give a free ride to millionaires or even billionaires.”

SR 1085 must now be approved by a two-thirds majority in the House and a simple majority of Georgia voters in November’s general election to be written into the State Constitution.

Sen. Tim Golden, Democratic Caucus Chairman, represents the 8th District (Brooks and Lowndes Counties and parts of Cook and Thomas Counties) in the Georgia State Senate. Contact him at 121-A State Capitol, Atlanta, Ga. 30334; by phone at 404-656-7580; or by e-mail Tim.Golden@senate.ga.gov

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