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House approves more than $600M in tax cuts for Georgians

Added 03-04-21 08:23:02pm EST - “The Georgia House approved a series of legislation Wednesday that would cut hundreds of millions of dollars in taxes for Georgians.” - Washingtonexaminer.com

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Posted By TheNewsCommenter: From Washingtonexaminer.com: “House approves more than $600M in tax cuts for Georgians”. Below is an excerpt from the article.

The Georgia House approved a series of legislation Wednesday that would cut hundreds of millions of dollars in taxes for Georgians.

House Bill 593, dubbed the Tax Relief Act of 2021, would cut income taxes by $141 million during the first year of its full impact, state officials estimated. The House unanimously approved the bill, 171-0.

"The Tax Relief Act of 2021 cuts taxes on Georgians and allows them to keep more of their hard-earned money," said Rep. Shaw Blackmon, R-Bonaire, chairman of the Ways & Means Committee. "This measure follows the tax cuts that the House passed in 2018 and 2020 in demonstrating our commitment to keeping the tax burden on Georgians as low as possible."

The Tax Relief Act of 2021 raises the standard deduction on state income tax returns for a single taxpayer by $800 to $5,400 and by $1,100 to $7,100 for a married couple filing a joint return, starting in the 2022 tax year.

The state auditor's office and budget office said the bill could save taxpayers $58 million in 2022 and more than $140 million each year through 2026, for a total tax cut of $631 million over five years.

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