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Georgia Legislature Approves Income Tax Rebates and Rate Reduction

The Georgia General Assembly has passed House Bill 112, introducing one-time income tax rebates for residents, and House Bill 111, accelerating a reduction in the state income tax rate. Both measures now await Governor Brian Kemp's signature to be enacted into law.​


Details of House Bill 112: One-Time Tax Rebates

House Bill 112 provides one-time tax rebates to individual taxpayers who filed income tax returns for both the 2023 and 2024 taxable years. The rebate amounts are as follows:​

  • Single Filers: Up to $250​

  • Heads of Households: Up to $375

  • Married Couples Filing Jointly: Up to $500​


These rebates aim to offer financial relief to Georgians amid rising living costs. The Georgia Senate unanimously approved this bill, reflecting bipartisan support. ​


Details of House Bill 111: Accelerated Income Tax Rate Reduction

House Bill 111 accelerates the reduction of Georgia's state income tax rate. The current rate of 5.39% is set to decrease to 5.19%, effective retroactively to January 1, 2025. The plan includes further annual reductions of 0.10% over the next two years, ultimately reaching a rate of 4.99% by 2027.


Governor's Support and Next Steps

Governor Brian Kemp has expressed strong support for these tax measures, emphasizing their role in returning funds to taxpayers and stimulating economic growth. Upon his signature, the bills will become law, and eligible taxpayers can anticipate the rebates in the coming months. ​


Conclusion

The passage of House Bills 112 and 111 signifies Georgia's commitment to providing tax relief to its residents through immediate rebates and a structured plan for reducing income tax rates. These measures are designed to enhance the financial well-being of Georgians and promote economic prosperity across the state.​

 
 
 

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