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Georgia governor repeals state tax on retirement income 2010-05-13 Georgia governor Sonny Perdue signed a bill on Wednesday that will protect retirement income from state income taxes, according to NBC affiliate WSAV. The bill, expected to benefit more than 300,000 residents, will take effect in 2012, the news station reports. Lawmakers hope the new provision will make the state more attractive to seniors. James and Arlene Minnick, a couple visiting the state, told the news station that they would consider moving to the area to take advantage of the new law "Especially when you're a senior, you're taxed on social security. I think it's a wonderful thing because the way the economy is today. A lot of seniors are really hurting," Minnick told the news station. Many retirees are concerned that they have not built adequate savings to last for the duration of their retirement. The economic downturn and market volatility have significantly reduced the savings of many retirees, forcing them to delay retirement. States that offer incentives and tax breaks that benefit seniors may see an influx of retirees relocating to those areas.  |
