Georgia Governor Kemp just signed into law income tax cuts for residents and businesses. “Georgians can expect tax relief as Gov. Brian Kemp signs a series of tax bills into law aimed at reducing the burden on taxpayers across the state.”
As reported, “Under House Bill 1015, the state income tax rate will decrease from 5.49% to 5.39%. Gov. Kemp expressed his intention to further reduce the tax rate to 5% in the future.”
In what has been described in reporting as “another significant measure,” the tax cuts will include “a reduction in the income tax rate for corporations to match the rates applied to individual taxpayers.” Reporting claims “the new laws will save Georgia residents and businesses about $500 million in income taxes next year.”
Another tax-related legislation is House Bill 1021, “which will raise the state’s child tax credit from $3,000 to $4,000 for each dependent.” Another bill, Senate Bill 496, was signed into law “which extends the expiration dates of two state tax credits designed to promote the rehabilitation of historic homes.”
All five bills received overwhelming support from the legislature’s Republicans, as well as the majority of Democrats, highlighting bipartisan agreement on the importance of providing tax relief to Georgians.
Governor Kemp posted on Twitter (X) “We’ve helped save Georgians over $5 billion through special tax refunds and relief initiatives. Today, I was proud to sign legislation to accelerate the largest income tax cut in state history as families fight through Bidenflation.”