ATLANTA, GA — Governor Brian P. Kemp signed legislation today, April 15th, delivering more than $1 billion in significant tax relief to Georgians through an acceleration of the largest tax cut in state history and a third, one-time tax refund.
In a press release, it states Kemp signed House Bill 111 which accelerates the largest state income tax cut in Georgia history initiated by the signing of HB 1437in 2022. He also signed HB 112, which authorizes the delivery of $1 billion in one-time special tax refunds of up to $500 per Georgia tax-payer household.
The report states HB 111 doubles down on the efforts of prior years to reduce the tax burden on Georgians and job creators. With this second acceleration cutting the state income tax rate by another 20 basis points, the total income tax rate will now be down to just 5.19 percent - a decrease of 56 basis points from the original rate of 5.75 percent.
This expedited cut will save Georgians another 880 million dollars on their tax returns next year, according to the release. Through a one-time special tax refund, Georgians who file jointly will receive $500, single filers will receive $250, and heads of household will get $375.
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