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GA Black Wealth Agenda Proposals with research

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These are the final proposals for the GA Black Wealth Agenda for the 2021 GA Legislative session. This was a collaborative effort of many indviduals and organizations.

Published in: Government & Nonprofit
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GA Black Wealth Agenda Proposals with research

  1. 1. P a g e | 1 Final Proposals for Black Wealth Agenda In collaboration with the Office of State Representative Dar’shun Kendrick Idealistic • HBCU tax credit- This would give a dollar for dollar tax credit to any Georgian that gave to an HBCU specific program on entrepreneurship or STEAM. Maryland HBCU Tax Credit (Maryland) Cash donations made by the taxpayer to a qualified permanent endowment fund that meet certain requirements are eligible for tax credits. Donations must be made to a qualifying fund at any of the following institutions: Bowie State University, Coppin State University, Morgan State University, or University of Maryland Eastern Shore. In each tax year, the Comptroller may award a maximum of $60,000 in tax credits to each of the four institutions. Give To Morgan State (Maryland) New Maryland legislation rewards donors who make contributions to qualified permanent endowment funds held at eligible Historically Black Colleges and Universities, like Morgan. This new legislation provides an incentive for Marylanders and non- residents to give back to Maryland HBCUs in a meaningful and lasting way that will generate many times the initial value of the gift! The credit is 25% of the value of a proposed donation to a qualified permanent endowment fund. The donor must apply to the Comptroller of Maryland for a certification of the donation. There are limited credits available, so act now to get the best possible value for your donation. HR 1080 (Federal) The bill also amends the Internal Revenue Code to allow a tax credit for jurisdictions that forgo taxes with respect to the interest payments under such a bond. The credit is equal to the total amount of interest paid on such a bond during the taxable year. The Department of the Treasury must pay the credit to the qualifying jurisdiction as soon as practicable after the recipient of the interest payments files a tax return with the jurisdiction.
  2. 2. P a g e | 2 • Corporate Tax Credits for Addressing Racial Pay Inequities- Corporate tax credits to those corporations that independently audit and rectify racial pay inequities. I worked for an organization that did a similar audit based on gender pay and adjusted salaries and provided back pay to women who were paid less than their male counterparts. This would go a long way for Black people. Federal Tax Code to better Racial Inequality (Federal) The federal tax code does not explicitly benefit one race over another. Yet historical racism and continuing racial prejudice and discrimination, through both public policies and private acts, have helped to shape factors that determine households’ tax liability, such as their income, wealth, and consumption. Racial barriers to economic opportunity have played a substantial role in determining today’s income and wealth distribution, in which households of color are overrepresented at the bottom of the scale while non-Hispanic white households (hereafter referred to as “white households”) are heavily overrepresented at the top. Thus, the tax code, specific tax provisions, and the way the code is administered and enforced can affect different races and ethnicities in widely disparate ways, and changes in tax policy and administration can widen or narrow racial disparities. Further, racism helped shape the tax code’s historical development in ways that continue to influence tax policy today, as in the current debate over a wealth tax and direct taxation. Possible • Placement of underrepresented group on all commissions (i.e. cannabis, casino, etc.)- This would urge state agencies to appoint underrepresented groups to all commissions within the State. HB 671 (Died in Committee May 3rd, 2019) Relates to regional rural development grants; defines the term regional economic development organization; specifies that the concept of building the professional capacity of a regional economic development organization includes the hiring of professional staff to perform specified services. Disaggregating Minority Groups for AAP Goals OFCCP’s Executive Order 11246 affirmative action program (AAP) regulations require contractors to establish a placement goal for a particular job group when it is
  3. 3. P a g e | 3 underutilized – that is, when the percentage of women and/or minorities is less than would be reasonably expected given the representation of women and/or minorities available for employment in that job group. Diversity on State Boards and Commisions (Connecticut, Florida, Kentucky, Missouri, North Carolina, Oregon, Rhode Island, and Tennessee) Although most states have laws encouraging ethnic, racial, gender (and sometimes geographic and economic) balance on certain state boards and commissions, we found only eight with a general requirement for appointing authorities to try to achieve this diverse balance on all such boards and commissions. Connecticut, Florida, Kentucky, Missouri, North Carolina, Oregon, Rhode Island, and Tennessee generally require appointing authorities to strive for diversity on state boards, commissions, committees, and councils. Missouri has the strongest language; requiring the governor to take affirmative action to create diversity. North Carolina's law, which was modeled after Florida's, seeks to establish gender, rather than ethnic or racial, balance. (This link has the lan • "Thrift savings" plan similar to 401k tax advantages- This would allow employees without 401Ks to invest into a savings plan pretax and get the tax benefits S. Rept. 106-343 (Federal) The Committee on Governmental Affairs, to which was referred the bill (H.R. 208) to amend title 5, United States Code, to allow for the contribution of certain rollover distributions to accounts in the Thrift Savings Plan, to eliminate certain waiting-period requirements for participating in the Thrift Savings Plan, and for other purposes, having considered the same, reports favorably thereon with amendments and recommends that the bill as amended do pass. Smart Savings Act (Federal) Makes the default investment in the Thrift Savings Plan (TSP) an age-appropriate target date asset allocation portfolio (L Fund), instead of the Government Securities Investment Fund (G Fund), if no election has been made for the investment of available funds. Retains the Government Securities Investment Fund as the default fund for members of the Uniformed Services. Requires TSP participants whose default fund is an age-appropriate L Fund to receive a risk acknowledgement before being enrolled to make TSP contributions.
  4. 4. P a g e | 4 Probable • Reparations Resolution- This would be a non-binding resolution to support federal legislation for a reparations study committee. H.R. 40 This bill establishes the Commission to Study and Develop Reparation Proposals for African-Americans to examine slavery and discrimination in the colonies and the United States from 1619 to the present and recommend appropriate remedies House Could Hear Slavery reparations Bill for Black Americans This Summer This is an article about how the current racial climate of our country has prompted conversations regarding reparations and it was said that these reparations may come sooner than we think. Slavery Reparations to State Capitols This speaks about how talk of reparations are now going to State Capitols • Color of Wealth Report- Report from the state on the wealth of various demographics throughout the State. Color Of Wealth (Urban.org) (D.C) Racial Wealth Gap, (Demos. Org) (Just an Organization speaking on it) Wealth Holding by Race and Ethnicity (Federal Reserve) (Board of Governors of the Federal Reserve System) Color of Wealth in Los Angeles (Inequality. Org) (Los Angeles) Color of Wealth (Federal Reserve Bank of Boston) (Boston) These are all various Color of Wealth Reports

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