A pair of Georgia bills aimed at lowering the state income tax rate and providing an additional refund to taxpayers are awaiting Gov. Brian Kemp’s signature. The state Senate approved House Bill 111 and 112, part of a tax rebate package that the Republican governor has prioritized.
House Bill 111 will reduce the state income tax rate from 5. 39% to 5. 19% starting July 1, saving taxpayers around $869 million. This bill passed with a 30-23 vote, mainly supported by Republicans. House Bill 112, which received unanimous support, allows those who filed income taxes to get an extra refund this year. If approved, taxpayers will receive $250 each, $375 for heads of households, and $500 for married couples filing jointly.
Sen. Josh McLaurin argued for immediate tax relief over permanent tax cuts, while Sen. Elena Parent noted that the tax cut mainly benefits wealthier individuals. Republican Sen. Ed Setzler defended the tax cuts as beneficial for small business owners, and Sen. Bo Hatchett stated that tax reductions help all taxpayers and job creation.
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