Governor Kemp Approves $950 Million Property Tax Rebate Plan, Income Tax Relief
Georgia residents to see tax savings under new legislation
Property Tax Rebate
Under the $950 million property tax rebate plan approved by Governor Brian P. Kemp and the Georgia Department of Revenue (DOR), taxpayers with homestead exemptions will receive a one-time rebate of $500. The rebates are expected to be issued by the end of August 2023.
Income Tax Relief
In addition to the property tax rebate, Georgia lawmakers have also approved a reduction in the state's income tax rate. The reduction will take effect in January 2024 and will lower the top individual income tax rate from 5.75% to 5.5%. Georgians will also have the opportunity to claim a new refundable income tax credit of up to $250 when they file their 2023 taxes. The credit is available to taxpayers who earn less than $50,000 per year.
Governor Kemp has emphasized that these tax cuts are intended to provide relief to Georgia residents amid rising costs of living. The rebates and income tax reductions are estimated to save taxpayers over $1 billion in 2023.
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