Georgia taxpayers may receive an additional refund due to a newly passed bill.
The Georgia legislature’s Ways and Means Committee met on Feb. 13. During the session, the committee approved House Bills 111 and 112.
Bill 112 approves a “one-time tax credit for individual taxpayers who filed income tax returns for the 2023 and 2024 taxable years.”
Bill 111 amends the tax burden for Georgia residents. It proposes a reduction from the current 5.39% to 5.19% retroactive to Jan. 1. The rate would continue to lower by 10% annually until it reaches the minimum of 4.99%.
The proposed plan is outlined in Section 1 (a.1):
“(a.1)(1) On and after Jan. 1, 2025, the tax imposed pursuant to subsection (a) of this Code section shall be 5.19% for taxable years beginning on or after Jan. 1, 2025; provided, however, that such rate shall be reduced by 0.10% annually beginning Jan. 1, 2026, until the rate reaches 4.99%.”
The Ways and Means Committee unanimously passed the bill. Georgia residents’ projected savings are upwards of $2 million.
Gov. Brian Kemp first introduced the proposal in October 2024. According to a press release, the proposal benefited Georgia residents by “returning $250 to single tax filers, $375 to head-of-household filers, and $500 to married couples filing jointly. “
Gov. Kemp intends to give Georgians a break from a dwindling economy. Kemp hopes to help ease the financial constraints on everyday citizens struggling under the weight of high inflation.
“Inflation may have fallen, but high prices are still here and weighing down hardworking Georgians every time they go to the grocery store, the gas pump, and so many other places in our daily lives,” said Kemp. “Here in Georgia, we’re working to give our people relief.”
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