Georgians will owe less in income taxes this year and will get a chance in November to vote to cap increases in how homes are valued for property taxes. Republican Gov. Brian Kemp on Thursday signed measures cutting income taxes by a projected $700 million on residents and businesses. The income tax cuts are retroactive to Jan. 1.
FILE - Georgia Gov. Brian Kemp enters to address the House of Representatives, March 28, 2024, at the state Capitol in Atlanta. Kemp on Thursday, April 18, signed a package of income tax cuts, as well as a bill that could cap the increase in a home’s taxable value if voters approve in November. ATLANTA — Georgia ns will owe less in income taxes this year and will get a chance in November to vote to cap increases in how homes are valued for property taxes.
Georgia’s personal income tax already dropped on Jan. 1 to a flat tax of 5.49%. Before that, the state had a series of income tax brackets that topped out at 5.75%.signed by Kemp on Thursday accelerated the decrease, lowering the tax rate to 5.39% this year. That’s projected to save taxpayers an additional $360 million, on top of the $800 million in revenue the state is projected to forgo as part of the already-enacted cut.
Kemp on Thursday also signed a bill that would raise the amount taxpayers could deduct for children and other dependents to $4,000 from the current $3,000. With Georgia’s income tax rate currently at 5.49%, that works out to as much as $55 more per dependent, or about $150 million statewide. He continued to portray income tax cuts as a response to help people facing inflation, although economists largely agree that tax cuts tend to fuel inflation by putting more money into circulation.that makes changes to property tax assessments. It would take effect if voters approve a state constitutional amendment on November’s ballot.
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