Georgia taxpayers to receive $1B relief after recent storms
- Governor Brian Kemp announced an income tax cut on October 22, 2024, which aims to return $1 billion to Georgia taxpayers.
- The tax cut provides different rebate amounts based on filing status and is part of a broader strategy to aid those affected by recent storms.
- These measures reflect Kemp's commitment to relieving the financial burden on taxpayers while managing a significant budget surplus.
In Georgia, Governor Brian Kemp announced a significant income tax reduction aimed at returning $1 billion to taxpayers for the 2024 tax year. The plan provides varying rebate amounts based on filing status: $250 for single filers, $375 for heads of household, and $500 for married couples filing jointly. This initiative comes as part of Kemp's ongoing efforts to support Georgians, particularly those affected by recent storms and the overall economic strain caused by high inflation across the United States. House Speaker Jon Burns emphasized the success of the state’s fiscal policies, highlighting a substantial budget surplus estimated at around $19 billion. Moreover, since taking office, Kemp has implemented tax cuts totaling approximately $6.6 billion. The individual income tax rate was reduced from 5.49% to 5.39%, with plans for gradual reductions over the next few years.