ATLANTA — Georgia’s legislative session is still in full swing and during Thursday’s Crossover Day, where bills went to gain support or end up on the cutting room floor, lawmakers chose to push two tax relief bills forward.
One bill would lower the income tax rate for Georgians, and as a result, corporations, to 5.19% from the current 5.39%.
Another would give Georgians an income tax rebate between $250 and $500.
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As far as the tax rebate, single tax filers would receive $250; single head-of-household filers $350; and joint tax filers $500.
The lower income tax rate is retroactive to Jan. 1, so if it gets full approval in the Senate, now that it’s crossed over from the House of Representatives, and then is approved by Gov. Brian Kemp, you could see a lower tax bill and less taken out of your paychecks as early as July 1.
No date was set for when you might receive the rebates, if they are passed.
The governor has already signaled his support for the bill, and the lower rate was his proposal.
Should that lower rate pass, it wouldn’t stop there.
House Bill 111, which lowers the tax rate, would continue to provide decreases year-over-year until the state tax rate hits 4.99%.
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