by Kandiss Edwards
February 13, 2025
Georgia taxpayers could obtain an extra refund resulting from a newly handed invoice.
The Georgia legislature’s Methods and Means Committee met on Feb. 13. Throughout the session, the committee accredited Home Payments 111 and 112.
Invoice 112 approves a “one-time tax credit score for particular person taxpayers who filed earnings tax returns for the 2023 and 2024 taxable years.”
Invoice 111 amends the tax burden for Georgia residents. It proposes a discount from the present 5.39% to five.19% retroactive to Jan. 1. The speed would proceed to decrease by 10% yearly till it reaches the minimal of 4.99%.
The proposed plan is printed in Part 1 (a.1):
“(a.1)(1) On and after Jan. 1, 2025, the tax imposed pursuant to subsection (a) of this Code part shall be 5.19% for taxable years starting on or after Jan. 1, 2025; offered, nonetheless, that such fee shall be decreased by 0.10% yearly starting Jan. 1, 2026, till the speed reaches 4.99%.”
The Methods and Means Committee unanimously handed the invoice. Georgia residents’ projected financial savings are upwards of $2 million.
Gov. Brian Kemp first launched the proposal in October 2024. In keeping with a press launch, the proposal benefited Georgia residents by “returning $250 to single tax filers, $375 to head-of-household filers, and $500 to married {couples} submitting collectively. “
Gov. Kemp intends to offer Georgians a break from a dwindling financial system. Kemp hopes to assist ease the monetary constraints on on a regular basis residents struggling underneath the burden of excessive inflation.
“Inflation could have fallen, however excessive costs are nonetheless right here and weighing down hardworking Georgians each time they go to the grocery retailer, the gasoline pump, and so many different locations in our day by day lives,” stated Kemp. “Right here in Georgia, we’re working to offer our folks reduction.”
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