Georgia passes tax cuts, offering rebates to residents

This week, the Georgia Senate approved two bills proposing state income tax rebates and rate reductions. Gov. Brian Kemp is expected to sign both in the coming days.

House Bill 112, passed unanimously at 52-0, authorizes one-time rebates of up to $250 for individual filers, $375 for heads of households and $500 for married couples filing jointly. House Bill 111, approved 30-23, accelerates a planned tax cut, reducing the state income tax rate to a flat 5.19% retroactive to Jan. 1.

Georgia’s substantial budget surplus makes the measures possible, enabling the state to return funds to taxpayers amid rising living costs.

– Laura Cubbage, 360 Media, Inc.