ATLANTA— State Representative Bruce Williamson (R-Monroe) announced the signing of House Bills 184, 237, 464, and 552 by Governor Nathan Deal in a bill signing ceremony held at the State Capitol on Tuesday, May 5, 2015. Sponsored by Rep. Williamson, these pieces of legislation were presented to Gov. Deal for consideration after receiving final passage from the General Assembly during the 2015 legislative session.
“I appreciate the hard work and support my colleagues’ have lent to these important bills this session, and I thank Governor Deal for signing these bills into law today,” said Rep. Williamson. “These pieces of legislation strive to further improve upon Georgia’s exceptional economic climate, while continuing to offer incentives to entice business development and continued growth throughout the state.”
HB 184 makes changes and provides new standards and regulations for the Department of Banking and Finance. First, the bill eliminates duplicate and triplicate paperwork requirements. Second, the bill gives the Department of Banking and Finance the flexibility to appoint a conservator to failing credit unions, and adds regulatory procedures for merging and converting credit unions. Third, the bill eases the licensing and transaction notification requirements for individuals selling checks and money orders. Fourth, the bill permits the Department of Banking and Finance to grant a temporary suspension of a mortgage originator’s license if the sponsoring mortgage broker goes out of business, thereby allowing the originator a reasonable amount of time to secure another sponsor.
HB 237 extends the Angel Tax credit, originally passed in 2010, for an additional five years, with an annual cap of $5 million in tax credits. These credits may be claimed after two years have passed once the credit has been created. The Angel Tax credit is a proven economic development tool has helped grow hundreds of Georgia based jobs, especially new technology companies.
HB 464 caps and phases out three income tax credits programs with a sunset date of December 31, 2016. HB 464 unanimously passed the House on March 11 and unanimously passed the Senate on March 31.
HB 552 makes changes to Georgia’s insurance law, relating to captive insurance companies. It allows for “pure” captives and provides for reduced rates on premium taxes for pure captive companies. This legislation is designed to help reduce the risk management expenses of many Georgia companies and help grow jobs.
For more information on the legislation sponsored by Rep. Williamson, please click here.
Representative Bruce Williamson represents the citizens of District 115, which includes portions of Walton County. He was elected into the House of Representatives in 2010, and currently serves as the Vice Chairman of the Banks & Banking Committee. He also serves on the Governmental Affairs, Insurance, and Ways & Means committees.
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