Georgia governor signs income tax cuts as property tax measure heads to November ballot

ATLANTA (AP) — Georgians will owe less in income taxes this year and will get a chance in November to vote to cap increases in how homes are valued for property taxes.

Republican Gov. Brian Kemp on Thursday signed measures cutting income taxes by a projected $700 million on residents and businesses. The income tax cuts are retroactive to Jan. 1.

“All of these bills help keep money where it belongs — in the pockets of our hardworking families,” Kemp said during a signing ceremony in Augusta, Georgia.

Election-year tax cuts are always popular in the state, and all 236 state House and Senate seats are on the ballot this year. All the measures were supported by at least some Democrats, while receiving overwhelming Republican support.

Georgia’s personal income tax already dropped on Jan. 1 to a flat tax of 5.49%. Before that, the state had a series of income tax brackets that topped out at 5.75%.

Under the 2022 law that created the flat income tax, the tax rate is supposed to drop 0.1% annually until it reaches 4.99%, if state revenues hold up. One bill signed by Kemp on Thursday accelerated the decrease, lowering the tax rate to 5.39% this year. That’s projected to save taxpayers an additional $360 million, on top of the $800 million in revenue the state is projected to forgo as part of the already-enacted cut.

<bsp-list-loadmore data-module="" class=«PageListStandardB» data-gtm-region=«READ MORE» data-gtm-topic=«No Value» data-show-loadmore=«true» data-gtm-modulestyle=«List B»> <bsp-custom-headline custom-headline=«div»> READ MORE </bsp-custom-headline> <bsp-custom-headline custom-headline=«div»> It’s Tax Day. And your refund may be big this year </bsp-custom-headline> <bsp-custom-headline custom-headline=«div»> Tax Day reveals