ATLANTA – Gov. Brian Kemp signed a package of tax cut bills Thursday that the General Assembly passed during the recently concluded legislative session.
“All of these bills will help keep money where it belongs – in the pockets of our hardworking families,” Kemp said during a ceremony in Augusta.
The highlight of the package is a measure that will accelerate a reduction in state income taxes that took effect in January. Under House Bill 1015, the tax rate will fall from 5.49% to 5.39%.
To match that, Kemp signed House Bill 1023, which will set Georgia’s corporate income tax rate at the same 5.39% applicable to individual income taxpayers.
House Bill 581 is aimed at limiting annual increases in local property taxes, subject to Georgia voters ratifying a separate constitutional amendment.
House Bill 1021 will increase the state’s child tax credit from $3,000 for each dependent child to $4,000.
Senate Bill 496 will extend the expiration dates of two state tax credits aimed at encouraging the rehabilitation of historic homes.
In an election year, all five bills received overwhelming support from the legislature’s Republican majorities as well as from most Democratic lawmakers.