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Georgia Politics

Gov. Kemp Signs Tax Cut, Adoption Tax Credit Legislation this Week

Earlier this week, Governor Brian Kemp joined Lieutenant Governor Geoff Duncan, Speaker David Ralston, and elected officials in signing HB 593 and HB 114. 

HB 593, The Tax Relief Act of 2021 allows single taxpayers and heads of household an increase from $4,600 to $5,400 in their standard deduction. Married taxpayers filing separately will get an increase from $3,000 to $3,550. Married taxpayers filing jointly will get an increase from $6,000 to $7,100.

First Reader Summary for HB 593, Tax Relief Act 2020: A BILL to be entitled an Act to amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to imposition, rate, computation, and exemptions from state income tax, so as to increase the amount of the standard deduction from state taxable income for individuals; to provide for a short title; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.

“As we accelerate a return to normal here in the Peach State, it is vital to our economic recovery that hardworking Georgians keep more of their paycheck,” said Governor Kemp. “By working with the General Assembly, HB 593 accomplishes that goal and gives families across our state a well-deserved tax cut. While Washington DC continues to mortgage the future of our children and grandchildren, conservative leadership in Georgia is delivering tax relief and balancing the state’s budget.”

HB 114 triples Georgia’s adoption tax credit from $2,000 to $6,000 per year, per child, for five years.

First Reader Summary for HB 114, Income tax; adoption of foster children; revise tax credit: A BILL to be entitled an Act to amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to imposition, rate, computation, and exemptions from state income taxes, so as to revise the tax credit for adoption of foster children; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.

“Placing our children in caring families is not controversial or partisan. This bill makes the process of placing foster children in loving homes easier, and it is the least we can do as public servants to secure a brighter future for our children.”

HB 593 march 2021
HB114 march 2021

 

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