Georgia House Republican leaders rolled out a tax cut package Wednesday aimed at parents and homeowners specifically but also benefiting all taxpayers.<\/p>\n\n\n\n
\u201cTaken together, these bills will provide significant tax relief for Georgia taxpayers \u2026 and continue to boost the economy,\u201d House Speaker Jon Burns, R-Newington, told reporters during a news conference at the state Capitol.<\/p>\n\n\n\n
The four-bill package includes legislation increasing Georgia\u2019s child-tax credit from $3,000 to $4,000, doubling the state\u2019s homestead tax exemption from $2,000 to $4,000, and removing the cap on Georgia\u2019s \u201crainy-day\u201d budget reserves.<\/p>\n\n\n\n
Burns also lent his support to Gov. Brian Kemp\u2019s 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%.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201cWe want to lessen the financial burden for Georgians to purchase a home,\u201d he said. \u201cThis sends a message to current homeowners and young people in their twenties and thirties.\u201d<\/p>\n\n\n\n
The state\u2019s reserves have long been capped at 15% of the previous fiscal year\u2019s tax revenue.<\/p>\n\n\n\n
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..<\/p>\n\n\n\n
\u201cThis gives us better insurance looking forward to the future,\u201d he said.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
\u201cWe\u2019re not going to take our feet off the pedal,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Georgia House Republican leaders rolled out a tax cut package Wednesday aimed at parents and homeowners specifically but also benefiting all taxpayers. \u201cTaken together, these bills will provide significant tax relief for Georgia taxpayers \u2026 and continue to boost the economy,\u201d House Speaker Jon Burns, R-Newington, told reporters during a news conference at the state […]<\/p>\n","protected":false},"author":1,"featured_media":24439,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"footnotes":""},"categories":[2],"tags":[10053,10948,9415],"class_list":["post-166830","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-child-tax-credit","tag-homestead-exemption","tag-taxes","entry"],"_links":{"self":[{"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=\/wp\/v2\/posts\/166830","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=166830"}],"version-history":[{"count":0,"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=\/wp\/v2\/posts\/166830\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=\/wp\/v2\/posts\/24439"}],"wp:attachment":[{"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=166830"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=166830"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thegeorgiasun.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=166830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}