Kemp visits Augusta, signs bills that are expected to lower your taxes

Tax bills signed into law Thursday by Georgia Gov. Brian Kemp are expected to save hundreds of millions of dollars for citizens and businesses.

Kemp joined state and local officials at the Augusta Municipal Building to sign five bills including House Bill 1015, which hastens 2022 plans to reduce Georgia’s income tax rate from 5.75% to 4.99%.

"All of these bills help keep money where it belongs – in the pockets of hard-working families,” he said. “Part of being good stewards of public funds is trusting our people to make their own decisions and seize opportunities we have worked hard to bring to their communities.”

The state income tax rate dropped to 5.49% in January. Reducing it further to 5.39% under H.B. 1015 will cost about $360 million, the state announced in December.

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Kemp also signed H.B. 1023, which matches the state corporate income tax rate to the new 5.39% individual rate.

Other bills signed into law in Augusta on Thursday included H.B. 1021, which allows taxpayers to deduct up to $4,000 per dependent, up from $3,000.

H.B. 581 allows counties to limit rising property values to the current inflation rate, “helping prevent runaway property taxes and keeping Georgians in their houses,” Kemp said.

Senate Bill 496 reduces ad valorem taxes on historic properties. It extends the sunset on two tax credits and broadens criteria that qualify historical buildings for rehabilitative tax credits.