Monday, April 15, 2024

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HomenewsState House Passes $1B Property Tax Cuts; $1B Income Tax Cuts Expected

State House Passes $1B Property Tax Cuts; $1B Income Tax Cuts Expected

Property tax relief totaling $1 billion was approved by the Georgia House on Thursday; the Senate will now cast its vote. And on top of that, state income tax rebates worth another $1 billion are also in the pipeline.

Worn down by inflation, taxpayers want to know how that affects the money in their bank accounts. Thursday night, Brandon Smith’s welcoming Waffle House smile welcomed guests inside during the chilly, persistent winter rain.

Smith—working hard and aspires to a brighter future. He had just learned about the $250 per taxpayer state income tax relief that the legislature is considering passing soon.

Now, Smith continued, any sum is acceptable. I’m a hard worker, so I get up and go get it, so it’s not too difficult on me, Smith said. “Well, for me, I’m not even going to lie. But, you know, it’s a little lackluster. That helps a lot, 250.

State legislature leaders are putting together a tax break for income similar to the one from the previous year:

  • $250 for an individual filer
  • $500 for a couple filing jointly

Additionally, they are pressing ahead with preparations for a unique and one-time property tax break:

  • Homeowners would receive an additional $18,000 in homestead exemption, returning on average $500 to their pockets.

According to Atlanta-based Moore Colson CPA Jonathan Levens, “This legislation is intended for residential property owners and for those who utilize that property as their abode.”

State House Passes $1B Property Tax Cuts; $1B Income Tax Cuts Expected

The two tax incentives, which together cost the state more than $2 billion, will likely begin to benefit income tax filers and property owners in Georgia this summer and into the following season, according to him.

Back at the Waffle House, Daniel Barr was completing his meal in a booth when he calculated that his parents, who own a home, may receive an additional $1,000. Of this sum, $500 would come from them filing their taxes jointly and $500 would come from the property tax reduction.

Although he acknowledged that it’s not quite like winning the lotto, he said, “Anything helps, I’m sure it will benefit a lot of people. Always in need of assistance

To some, it “doesn’t necessarily look like a lot of money,” Levens said. “But I think you spread it out throughout the community, especially in light of what we’re all facing with growing inflation, with the cost of living that has substantially increased over the past year to 18 months, I think it could provide a benefit for a lot of people,” the author said.

By the end of the following month, the lawmakers will have made decisions about the specifics of the tax cut measures.

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