ATLANTA, Ga. (Atlanta News First) – State legislative leaders held a news conference Wednesday to deliver a series of tax announcements aimed at bringing tax relief to Georgia families.
House Speaker Jon Burns announced three separate tax relief initiatives.
“Right now, there is no more important issue impacting Georgia families than higher prices as a result of President Biden and Washington’s 40-year high inflation,” said Speaker Burns. “Working together with Governor Kemp, we have created the Georgia economic success story—one of more jobs, better pay, lower taxes, historic economic development projects and the title of best state to do business in for ten years in a row—all while not only balancing our budget, but generating a historic $16 billion surplus for our state. With today’s announcement, we are doubling down on returning more money to Georgia taxpayers and delivering economic relief by lowering taxes for parents, homeowners, businesses and all families across our state.”
The first would increase the child tax credit from $3,000 to $4,000 per child. State Representative Lauren Daniel (R-Locust Grove) will sponsor legislation. With rising childcare costs, this legislation would allow for an extra $1,000 deduction per child, which could help alleviate some of those costs for parents.
“We are hit with rising costs at the grocery store, child care, and our mortgages, hopefully, this will help every family in the state,” said Daniel.
State Representative Matt Reeves (R-Duluth) also introduced legislation that would bring home cost and interest rate relief to Georgia homeowners by doubling the homestead tax exemption from $2,000 to $4,000.
State Representative Lauren McDonald (R-Cumming) will sponsor legislation that would cut the state income tax from 5.75 percent to 5.39 percent. This measure would return another $1 billion to Georgia taxpayers.
Officials also announced they will remove the cap on the revenue shortfall reserve and offer…
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