Georgia House Advances Major Tax Cuts, Rebates

Georgia's House of Representatives has approved House Bill 112, which provides a $1 billion tax rebate funded by the state's budget surplus. Single tax filers will receive $250, head-of-household filers $375, and married couples filing jointly $500. Additionally, a bill to reduce the state income tax rate from 5.39% to 5.19% has been passed, with potential further reductions to 4.99% by 2027 if financial benchmarks are met. Governor Brian Kemp, who proposed these financial measures, praised the unanimous support from the State House and anticipates the Senate's approval. While Republicans tout the benefits for all Georgians, some Democrats argue that the tax cuts disproportionately favor the wealthy. The tax rebate and rate reduction are part of a broader legislative session in Georgia, which also saw debates on various other issues, including diversity program funding and the legalization of sports betting.