State Rep. Eddie Lumsden says that several bills that were passed last week by the Georgia House would provide Georgia residents with “much-needed tax relief”.

HB 1015 would lower the individual income tax rate effective on January 1, 2024, from 5.49 percent to 5.39 percent, which would return another $1 billion to Georgia taxpayers. Next, HB 1019 would increase the statewide homestead exemption from $2,000 to $4,000, provided the owner resides in the home as their primary residence. Lastly, HB 1021 would increase the child tax deduction from $3,000 to $4,000.

Rep. Lumsden says, “With rising childcare costs, this legislation would allow for an extra $1,000 deduction per child, which could help alleviate some of those costs for parents. Each of these measures would help foster Georgia’s economic success story by returning more dollars back into the pockets of our taxpayers”.