Georgia House Republican leaders rolled out a tax cut package Wednesday aimed at parents and homeowners specifically but also benefiting all taxpayers.
“Taken together, these bills will provide significant tax relief for Georgia taxpayers … and continue to boost the economy,” House Speaker Jon Burns, R-Newington, told reporters during a news conference at the state Capitol.
The four-bill package includes legislation increasing Georgia’s child-tax credit from $3,000 to $4,000, doubling the state’s homestead tax exemption from $2,000 to $4,000, and removing the cap on Georgia’s “rainy-day” budget reserves.
Burns also lent his support to Gov. Brian Kemp’s proposal to accelerate the state income tax cut that took effect this year, which would roll back the income tax rate from 5.49% to 5.39%.
Rep. Matt Reeves, R-Duluth, who will sponsor the homestead tax exemption bill, pointed to high mortgage rates as a reason to give Georgia homeowners additional tax relief.
“We want to lessen the financial burden for Georgians to purchase a home,” he said. “This sends a message to current homeowners and young people in their twenties and thirties.”
The state’s reserves have long been capped at 15% of the previous fiscal year’s tax revenue.
Rep. Shaw Blackmon, R-Bonaire, chairman of the House Ways and Means Committee, said removing the cap would help protect Georgia from future economic slowdowns..
“This gives us better insurance looking forward to the future,” he said.
Burns said the new package of bills would come in addition to $5 billion in tax relief the governor and General Assembly have provided during the last four years.
“We’re not going to take our feet off the pedal,” he said.
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