Georgia governor signs tax-cut legislation in Augusta
AUGUSTA, Ga. (WRDW/WAGT) - Georgia Governor Brian Kemp was in Augusta on Thursday to sign tax-cut legislation.
Among other bills, the governor signed House Bill 1015, an istration priority accelerating the income tax cut signed in 2022. Kemp said these new laws are expected to save Georgians money for years to come.
He and others delivered remarks before he signed the legislation at 11:45 a.m. in the Linda Beazley Room of the Augusta-Richmond County Municipal Building, 535 Telfair Street.
As we continue to experience rapid economic growth, especially in rural parts of our state. It is essential that we continue to allow people to live where they work,” said Kemp.
House Bill 1015 cuts Georgia’s income tax from 5.75% to 5.39%.
“This bill accelerates the largest state income tax cut in Georgia history,” said Kemp. “With this legislation, we’re accelerating that cut by another 10 basis points, bringing us immediately to the flat tax rate of just 5.39%. That is a cut of 36 basis points this year alone and represents a savings of $3 billion to our taxpayers over the next 10 years.”
House Bill 1023 follows the lead of House Bill 1015.
“This legislation follows the lead of House Bill 1015 By cutting our corporate income tax to 5.39% for this tax year, ensuring that it matches the individual income tax. While we cut taxes for the people of our state. We also must ensure that we continue to attract jobs and investments to grow our economy and create more opportunity for all those who call Georgia home,” said Kemp.
Mayor Garnett Johnson said: “Having those extra dollars to use for things to buy groceries, to buy gas, to pay child care, to pay rent or pay your mortgage is critically important. Not only does it benefit the folks that live here in the CSRA, but it benefits millions of Georgians.”
House Bill 1021 increases the state’s dependent exemption from $3,000 to $4,000.
Lauren Daniel from House District 81 said: “I think a lot of moms do just what I do, they’re just here to take care of their kids. They’re trying to make a living, they’re trying to, do what’s best for the family.”
House Bill 581 caps how much assessments can up each year. Kemp says it’s aimed to help prevent runaway property taxes.
Scott Roundtree, Chief Appraiser for Augusta-Richmond County, said: “We’ll see a quick change to how we address the taxable value of homesteaded property. So if you own your property and live in it, you’ll get a significantly lower taxable value for your property.”
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