(The Center Square) — Georgia Republicans are pushing a series of measures they say will provide “major tax relief.”
Among the four bills is House Bill 1015, which would speed up the state’s income tax cut from 5.75% to 5.39%, a process proponents say would return $1 billion to taxpayers. Additionally, with House Bill 1024, lawmakers want to eliminate the cap on the Revenue Shortfall Reserve.
Other measures are House Bill 1021, which would increase the child tax deduction to $4,000 from $3,000, and House Bill 1019, which would double the homestead exemption, raising it to $4,000.
“Right now, there is no more important issue impacting Georgia families than higher prices as a result of President Biden and Washington’s 40-year high inflation,” Georgia House Speaker Jon Burns, R-Newington, said in an announcement.
“Working together with Governor [Brian] Kemp, we have created the Georgia economic success story — one of more jobs, better pay, lower taxes, historic economic development projects and the title of best state to do business in for ten years in a row — all while not only balancing our budget, but generating a historic $16 billion surplus for our state,” Burns added. “With today’s announcement, we are doubling down on returning more money to Georgia taxpayers and delivering economic relief by lowering taxes for parents, homeowners, businesses and all families across our state.”
In a statement posted to X, formerly known as Twitter, Georgia Chamber President & CEO Chris Clark thanked lawmakers “for further income tax reductions for Georgia families as well as increased child and property tax deductions.”
“These measures put money back in the pockets of hard-working Georgians providing much-needed economic relief for the citizens of the Peach State,” Clark said. “We look forward to our continued partnership with the General Assembly as we work to alleviate the child care shortage and increase access to homeownership.”