Today in Cobb County, Governor Brian P. Kemp endorsed two bills, effectively setting in motion over $1 billion in tax cuts for the hardworking populace of Georgia. As reported by the Governor's official website, this financial relief comes both from an accelerated large-scale income tax cut and a substantial one-time tax refund for Georgia taxpayers.
"While other states are running up budget deficits and raising taxes on their citizens, we're investing in the priorities of our state while further cutting taxes and returning more than a billion dollars to hardworking Georgians! That's on top of the tax relief we've given in prior years and is a direct result of our conservative budgeting,” Governor Kemp was quoted to emphasize. This approach aims to reduce the financial pressures birthed by years of high prices and economic challenges.
The fruit of this legislation, HB 111 and HB 112, not only accelerates the reduction of the state income tax rate to 5.19 percent, a drop from the previous 5.75 percent, but also sanctions the disbursement of $1 billion in special tax refunds, according to the announcement on the Governor's website. The resulting tax savings are projected to be nearly $880 million for residents. Following the governor's signature, joint filers will be receiving a $500 refund, while single filers and heads of households will get $250 and $375, respectively.
In tandem with Governor Kemp, Lieutenant Governor Burt Jones and Speaker Jon Burns have expressed their support for the tax-cutting initiative. "With Governor Kemp’s leadership, Georgia continues to serve as an example for the rest of the nation on how to reduce taxes and give more than a billion dollars back to our citizens," Lt. Governor Jones told the press. Speaker Burns added on the Governor's website, "These historic measures reiterate our commitment to providing much-needed financial relief to families across the state and delivering on the policies that matter most to our citizens."
