On Thursday, the Georgia House of Representatives all agreed to pass a set of tax relief plans during an election year.
This plan, pushed forward by Governor Brian Kemp, aims to make the state income tax cut from earlier this year even bigger. It proposes to lower the tax rate from 5.49% to 5.39%. Representative Lauren McDonald, from the Republican Party in Cumming, explained that this move would allow Georgia’s taxpayers to save around $1.1 billion this year. She discussed this before the vote took place.
Additionally, the plan includes a proposal to increase the homestead tax exemption in the state from $2,000 to $4,000. This exemption has not been updated since 1978, a time when the average house in Georgia was priced at $55,000, shared Representative Matt Reeves, a Republican from Duluth and the man supporter of House Bill 1019.
“This gives good tax relief at a time it’s needed,” he said.
The package also has a third proposal – House Bill 1021 – which suggests raising the child-tax deduction in Georgia from $3,000 to $4,000.
These three proposals are now headed to the state Senate for further consideration.