Gov. Kemp signs 2 major tax relief bills into law today
RAW: Gov. Kemp signs 2 major tax bills
Gov. Brian Kemp is signing two tax relief bills: one accelerates Georgia’s largest-ever state income tax cut, and the other authorizes a $1 billion special rebate.
ATLANTA - Gov. Brian Kemp signed two major tax relief measures into law today, promising financial benefits for millions of Georgia taxpayers.
What we know:
The first measure, House Bill 111, accelerates what Kemp's office calls the largest state income tax cut in Georgia history. The bill will speed up a previously approved phased reduction in the state income tax rate, putting more money back into the hands of working Georgians sooner.
The second bill, House Bill 112, authorizes a $1 billion special state income tax refund. The one-time rebate is available to eligible taxpayers who meet specific requirements and will be issued after the processing of 2024 state returns.
The rebate amounts are:
- $250 for individuals filing as single or married filing separately
- $375 for those filing as head of household
- $500 for couples filing jointly
The Georgia Department of Revenue will issue the lesser of either your 2023 state income tax liability or the maximum rebate amount for your filing status. Payments, which will take about 6 to 8 weeks, will be made automatically via direct deposit or check, depending on how you filed your 2024 return.
To qualify for the rebate, taxpayers must:
- File Georgia income tax returns for both 2023 and 2024
- Not be claimed as a dependent on someone else’s 2023 return
- Be a full-time Georgia resident for tax purposes
Dig deeper:
The rebates will not be considered taxable income under Georgia law. However, they may be reduced or offset if the recipient owes outstanding debts to the state. No interest will be paid on the refund amounts.
These tax breaks come at a time when Georgia’s budget surplus remains strong and are part of the state’s ongoing efforts to return excess revenue to taxpayers.