Gov. Kemp Signs Georgia Tax Relief Bills Lowering Income Taxes and Expanding Homeowner Relief
The measures lower the income tax rate to 4.99% and limit home valuation increases to inflation after months of negotiations.
- On Monday, Georgia Governor Brian Kemp signed House Bill 463 and Senate Bill 33 into law, reducing state income tax rates while establishing new property tax protections for homeowners.
- Responding to affordability concerns raised by Georgians, Republican leaders championed these measures, though they stopped short of the total tax elimination some lawmakers initially proposed earlier this year.
- House Bill 463 immediately reduces the state income tax rate to 4.99% and increases standard deductions, while also exempting up to $1,750 of overtime pay and cash tips from state taxes.
- To restrain rising property tax bills, Senate Bill 33 caps valuation increases at the rate of inflation and creates a Local Homestead Option Sales Tax, or LHOST, for homestead exemptions.
- Future tax reductions depend on state revenue growth of at least 3%, while Democrats opposed the legislation, arguing the cuts could disproportionately benefit higher earners and strain public service funding.
16 Articles
16 Articles
Kemp approves property tax relief for Georgia homeowners amid concerns over local revenues, process
Gov. Brian Kemp signed off on a slate of tax-related bills Monday as bill-signing season winds down. Alander Rocha/Georgia Recorder (file photo)The governor has signed off on a bill designed to provide property tax relief to homeowners despite lingering concerns about the potential impact to local schools and services – and whether the bill would survive legal scrutiny because of how it was passed. “We have heard for years about the need for pr…
Gov. Kemp signs Georgia tax relief bills lowering income taxes and expanding homeowner relief
Georgia Gov. Brian Kemp put his signature on a pair of tax relief bills Monday that will lower income taxes, boost deductions and give homeowners new tools to fight rising property tax bills.
Kemp signs tax cuts into law
Georgia lawmakers started the year with talk of eliminating both the state income tax and the property tax for homeowners. The goal proved elusive, but they did compromise on a scaled-back income tax cut and on legislation to decelerate the rapid increases in local property tax costs for homeowners. And on Monday, Gov. Brian Kemp […] The post Kemp signs tax cuts into law appeared first on The Georgia Sun.
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