Gov. Kemp indicators revenue tax cuts into regulation for residents, companies
Georgia Gov. Brian Kemp speaks to members of the media on the Georgia State Capitol on Might 07, 2020, in Atlanta. (Photograph by Austin McAfee/Icon Sportswire through Getty Pictures)
ATLANTA – Georgians can count on tax reduction as Gov. Brian Kemp signs a series of tax bills into regulation geared toward decreasing the burden on taxpayers throughout the state.
Beneath Home Invoice 1015, the state revenue tax charge will lower from 5.49% to five.39%. Gov. Kemp expressed his intention to additional cut back the tax charge to five% sooner or later.
We’ve helped save Georgians over $5 billion by way of particular tax refunds and reduction initiatives.
At present, I used to be proud to signal laws to speed up the most important revenue tax minimize in state historical past as households combat by way of Bidenflation. pic.twitter.com/kV9Fmxq2J6
— Governor Brian P. Kemp (@GovKemp) April 18, 2024
One other vital measure features a discount within the revenue tax charge for firms to match the charges utilized to particular person taxpayers. The brand new legal guidelines will save Georgia residents and companies about $500 million in revenue taxes subsequent 12 months.
Kemp additionally signed Home Invoice 1021, which can elevate the state’s baby tax credit score from $3,000 to $4,000 for every dependent.
And he signed Senate Invoice 496, which extends the expiration dates of two state tax credit designed to advertise the rehabilitation of historic houses.
All 5 payments acquired overwhelming assist from the legislature’s Republicans, in addition to the vast majority of Democrats, highlighting bipartisan settlement on the significance of offering tax reduction to Georgians.
