Three Tax Relief Measures Arrive in Georgia
The state House approved three bills on Thursday, which they claim will offer significant tax relief. House Bill 1015 proposes expediting the reduction of the state’s income tax rate from 5.75% to 5.39%.
The proposed legislation aims to enhance financial benefits for homeowners and families. HB 1019 seeks to double the homestead exemption, while HB 1021 aims to raise the child tax deduction.
All three bills were passed unanimously by lawmakers.
“The Georgia House of Representatives remains committed to prioritizing tax cuts and ensuring that more money is returned to taxpayers. Today’s passage of HB 1015, HB 1019, and HB 1021 is a significant step towards returning over a billion dollars to Georgia families, homeowners, and taxpayers,” stated Speaker of the House Jon Burns, R-Newington.
“These priorities will provide substantial relief to taxpayers throughout the state, allowing them to keep more money in their pockets and further stimulate our economy. Georgia remains the top state in the nation to live, work, and raise a family. I eagerly anticipate swift approval by the Senate and the Governor’s signature.”
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Lawmakers are preparing to discuss more tax relief bills, which may involve adding sunset provisions to exemptions and credits under $1 million, according to state Rep. Shaw Blackmon, R-Bonaire, who shared the information during a press conference. According to Burns, there is a proposal to suspend tax exemptions for high-tech data centers due to their excessive energy consumption.
“It is crucial for Georgians to have access to transparent information regarding the allocation of their taxpayer dollars, including details on tax breaks granted to different industries,” stated Lt. Governor Burt Jones, a Republican.
HB 1180 proposes a limit on Georgia’s film tax credit, restricting it to 2.5% of the governor’s revenue estimate for the fiscal year. In order to qualify for a 10% tax credit, productions must meet four out of nine measures, in addition to the 20% base credit.
The measures involve incurring a minimum of $30 million in production expenditures in the state, employing crews with at least half of its members being Georgia residents, or spending at least half of a production’s “photography days” in a rural county.
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In addition, the state Senate has recently approved Senate Bill 366, known as the Tax Expenditures Transparency Act of 2024. Supporters argued that the measure would provide a greater understanding of the state’s budgeting process.
“Implementing these practical measures would ensure that a significant amount of tax dollars from Georgia residents remain within the state, instead of benefiting companies from outside the state. Additionally, these measures would establish crucial guidelines for effectively overseeing Georgia’s largest tax credit program,” stated Danny Kanso, Senior Fiscal Analyst at the Georgia Budget and Policy Institute.
“This announcement is a significant stride towards enhancing the fairness and accountability of Georgia’s tax code, in line with the proposed transparency and accountability measures in SB 366,” Kanso stated. “The GBPI expresses appreciation for the thoughtful efforts of the Joint Tax Credit Review Panel and urges the entire General Assembly to back these proposed reforms.”
