Georgia Gov. Kemp Signs Over $1 Billion Tax Relief Legislation

Governor Brian Kemp has signed two significant tax relief bills in Georgia, aimed at delivering over $1 billion back to taxpayers. House Bill 111 accelerates the largest state income tax cut in history, reducing the tax rate from 5.39% to 5.19%, while House Bill 112 authorizes one-time special income tax refunds of up to $500 for eligible households. Taxpayers must have filed state income tax returns for both 2023 and 2024 to qualify for the refunds, which will arrive via direct deposit or check starting in late May and early June. The governor emphasized that these measures are part of a conservative budgeting strategy and a response to rising costs affecting families. With a $16.5 billion reserve, the state aims to return excess revenue to its citizens, distinguishing itself from other states facing budget deficits. Critics, however, note that the benefits of the tax cuts may be minimal for middle-income earners, according to analyses.