Posted 1/24/2024, 6:34:43 PM
Georgia Lawmakers Propose Accelerated Tax Cuts, Expanded Deductions to Save Families Hundreds
- Georgia House leaders announced plans to accelerate income tax rate cuts and provide new property and child tax breaks
- Proposed legislation could save Georgians hundreds of millions in taxes
- Plans include speeding up previously approved income tax rate cuts from 5.75% to 4.99% by 2029
- Additional proposals would raise the child tax deduction by $1,000 and double the standard homestead property tax exemption
- Combined, the proposals could save a family of 4 making $75,000 about $650 per year in taxes