State legislative leaders held a news conference on Jan. 24 to deliver a series of tax announcements aimed at bringing tax relief to Georgia families.
The first would increase the child tax credit from $3,000 to $4,000 per child. State Representative Lauren Daniel (R-Locust Grove) will sponsor legislation. With rising childcare costs, this legislation would allow for an extra $1,000 deduction per child, which could help alleviate some of those costs for parents.
State Representative Matt Reeves (R-Duluth) also introduced legislation that would bring home cost and interest rate relief to Georgia homeowners by doubling the homestead tax exemption from $2,000 to $4,000.
State Representative Lauren McDonald (R-Cumming) will sponsor legislation that would cut the state income tax from 5.75 percent to 5.39 percent. This measure would return another $1 billion to Georgia taxpayers.
Officials also announced they will remove the cap on the revenue shortfall reserve and offer taxpayers an additional $1 billion in relief on their income tax.