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Governor Kemp signs tax cut bills
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LISTEN: Georgia Gov. Brian Kemp signed five bills into law Thursday that will save Georgia taxpayers money.
Georgia Gov. Brian Kemp signed five bills into law Thursday that will save Georgia taxpayers money.
One of the bills, House Bill 1015, reduces the personal income tax rate from 5.49% to a flat rate of 5.39%. The move would save the average Georgia taxpayer about $50 a year. Another, HB 1023 reduces the corporate tax rate to the same amount. The tax cut will take effect in time for tax year 2024.
Kemp said tax deductions for children will also increase by a thousand dollars through HB 1021.
“We realize Georgians know best how to spend their money a lot better than the government does," Kemp said. "Each of the bills I signed today will also help hardworking Georgians fight through high grocery prices, high energy prices, an inflationary environment.”
The other two bills Kemp approved would allow counties to freeze homestead valuation and extend the sunset on a tax credit for historic preservation and rural property.
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