Mead Corp. v. Collins

Hunt, Justice.

Having been denied a refund of its state income taxes paid on long-term capital gains, Mead Corp. brought this suit against the revenue commissioner. The trial court subsequently granted the commissioner’s motion for summary judgment while rejecting Mead’s. On appeal, Mead claims that the act repealing the capital gains deduction was unconstitutional. We, however, disagree with Mead’s claim and affirm the trial court’s judgment.

In 1969, the General Assembly, in order to encourage industries to move to Georgia, provided an income tax deduction for half of any corporate long-term…