Georgia House Passes Governor’s Plan To Speed Up Income Tax Cut One Time Refund
Atlanta, ga on crossover day, the georgia house of representatives approved a bill that would send $1 billion in a surplus income tax refund to filers. Brian kemp announced the news. The georgia general assembly also passed house bill 111 to lower the state income rate to 5. 19%. The state income tax cut had already been planned, but hb 111 accelerated the new tax rate. Governor brian kemp signs new legislation giving georgians over $1b in tax cuts.
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Taxpayers must file their 2023 and 2024 taxes prior to receiving the refund. Hb 111 retroactively lowers the state income tax rate from 5. 39% to 5. 19% on jan. The georgia house signed off on the governors proposal to speed up a planned income tax rate cut thursday but not before several democrats blasted the plan as a risky gamble with a key source of state revenue. Under house bill 112, single tax filers will receive $250.
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