Georgia lawmakers approve income tax cuts for people and businesses
9 months ago

Georgia lawmakers approve income tax cuts for people and businesses

Associated Press  

ATLANTA — Income taxes for Georgia residents and businesses are set to fall after the state Senate gave final passage to a pair of tax cuts Wednesday. House Bill 1023, which passed 34-17, would decrease the corporate income tax rate to match that of individuals. But the only person who spoke against the cuts was Sen. Colton Moore, a Trenton Republican, who earlier Wednesday challenged lawmakers to cut personal income tax rates by even more. Under the bill the corporate income tax rate would keep falling along with the personal income tax rate until reaching 4.99%. Senate Finance Committee Chairman Chuck Hufstetler, a Rome Republican, said Georgia’s personal and corporate income tax rates had been the same for decades.

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Louisiana lawmakers pass income and corporate tax cuts, raising statewide sales tax to pay for it
1 month ago

Louisiana lawmakers pass income and corporate tax cuts, raising statewide sales tax to pay for it

Associated Press  

— Louisiana’s GOP-dominated legislature passed tax cuts on personal and corporate income on Friday in exchange for a statewide sales tax increase, giving Gov. Lawmakers also redirected $280 million in vehicle sales tax funds from several major infrastructure projects for the next two years in order to help offset the income tax cut. Corporate tax cuts The state’s new corporate …

Louisiana House greenlights Gov. Jeff Landry’s tax cuts
1 month, 1 week ago

Louisiana House greenlights Gov. Jeff Landry’s tax cuts

Associated Press  

— Louisiana’s GOP-dominated House of Representatives on Tuesday overwhelmingly passed individual and corporate tax cuts, along with a constitutional amendment — all key provisions in Gov. Republican Rep. Julie Emerson, the bill’s sponsor, said the individual income tax cuts are necessary to spur economic growth, staunch outward migration and keep Louisiana competitive with nearby states like Florida and Texas which …

Georgia governor signs income tax cuts as property tax measure heads to November ballot
8 months ago

Georgia governor signs income tax cuts as property tax measure heads to November ballot

Associated Press  

ATLANTA — Georgians will owe less in income taxes this year and will get a chance in November to vote to cap increases in how homes are valued for property taxes. The corporate income tax had stayed at 5.75% when the personal income tax fell on Jan. 1, but supporters argued it was unfair to tax businesses at a higher …

On last day of Georgia legislative session, some bills pass and others die
8 months, 3 weeks ago

On last day of Georgia legislative session, some bills pass and others die

Associated Press  

ATLANTA — Georgia’s two-year legislative session ended early Friday, after lawmakers stayed past midnight on Thursday pass some bills and reject others as the term ended. Some key proposals had already passed before Thursday, including a plan to cut income taxes and a bill that would loosen Georgia’s rules for permitting new health care facilities. ELECTIONS: Senate Bill 189 would …

Georgia lawmakers may be close to deal to limit rise in property tax bills
9 months ago

Georgia lawmakers may be close to deal to limit rise in property tax bills

Associated Press  

ATLANTA — A deal between the Georgia House and Senate on limiting how much assessed home values can rise for tax purposes may be solidifying, although questions remain about the election-year push for property tax relief. The Senate Finance Committee on Monday approved a rewritten bill and state constitutional amendment that would limit increases in a home’s value, as assessed …

Georgia Senate passes plan meant to slow increases in property tax bills
10 months, 1 week ago

Georgia Senate passes plan meant to slow increases in property tax bills

Associated Press  

ATLANTA — Georgia senators want to limit how much assessed home values can rise for tax purposes, in an election-year effort to hold down property taxes. The state Senate voted 42-7 on Thursday for Senate Bill 349, which would limit increases in a home’s value, as assessed for property tax purposes, to 3% per year. Republicans in Georgia have long …

Georgia House backs state income tax and property tax cuts in unanimous votes
10 months, 2 weeks ago

Georgia House backs state income tax and property tax cuts in unanimous votes

Associated Press  

ATLANTA — The Georgia House on Thursday passed bills to cut state income and local property taxes, backing priorities of Gov. The bills would accelerate an already-planned income tax cut, increase homeowner property tax exemptions in some jurisdictions and raise the amount parents can deduct per child from yearly income taxes. Kemp and other Republican leaders back the measure to …

Georgia House speaker proposes additional child income-tax deduction atop other tax cuts
10 months, 4 weeks ago

Georgia House speaker proposes additional child income-tax deduction atop other tax cuts

Associated Press  

ATLANTA — Georgia House Republicans are proposing an additional tax cut for parents. With Georgia’s income tax rate currently at 5.49%, that works out to as much as $55 more per child, or about $150 million statewide. Burns also unveiled a plan to move all of Georgia’s unallocated surplus cash into its rainy day account, a bill also being pushed …

Georgia’s governor and top Republican lawmakers say they want to speed up state income tax cut
1 year ago

Georgia’s governor and top Republican lawmakers say they want to speed up state income tax cut

Associated Press  

ATLANTA — Georgia’s Republican governor and legislative leaders want to speed up an already-planned cut in the state income tax rate. Burt Jones and House Speaker Jon Burns said Monday that they support a plan to create a flat income tax rate of 5.39% starting Jan. 1. “This is what happens when you think long-term rather than make knee-jerk fiscal …

Arkansas lawmakers approve $124 million income tax cut plan
1 year, 8 months ago

Arkansas lawmakers approve $124 million income tax cut plan

Associated Press  

— Arkansas lawmakers on Wednesday approved a plan by Republican Gov. Sarah Huckabee Sanders and legislative leaders to cut individual and corporate income taxes by $124 million a year. The bill, which now heads to Sanders’ desk, also cuts the top corporate income tax rate to 5.1% from 5.3%. “The more we cut income taxes, the heavier the burden to …

Georgia’s Kemp seeks tax breaks, rebutting Abrams on economy
2 years, 4 months ago

Georgia’s Kemp seeks tax breaks, rebutting Abrams on economy

Associated Press  

ATLANTA — Georgia GOP Gov. Brian Kemp unfurled the first major policy proposals of his reelection bid Thursday, pledging to spend $2 billion on another state income tax rebate and revival of a long-dormant state property tax break while contending with Democratic challenger Stacey Abrams over who’s best for the state’s economy. “While Brian Kemp is following Stacey Abrams’ lead …

Georgia tax cut could hit $2 billion, but maybe not by 2029
2 years, 7 months ago

Georgia tax cut could hit $2 billion, but maybe not by 2029

Associated Press  

BONAIRE, Ga. — A major state income tax cut signed by Republican Georgia Gov. For his part, Perdue espouses gradually abolishing the entire state income tax, which contributes nearly half of Georgia’s $30 billion in revenue. A GBPI analysis using modeling by the Institute on Taxation and Economic Policy shows 39% of benefits would flow to the top 5% of …

Georgia lawmakers create flat income tax, cutting $1 billion
2 years, 8 months ago

Georgia lawmakers create flat income tax, cutting $1 billion

Associated Press  

ATLANTA — Georgia lawmakers are agreeing on plan to create a flat state income tax of 4.99% by 2029 or later, cutting taxes by more than $1 billion and delivering on a key Republican priority in the closing hours of the 2022 legislative session late Monday. In an attempt to keep the measure from raising taxes on low-income taxpayers, the …

Georgia House GOP leadership seeks $1 billion income tax cut
2 years, 9 months ago

Georgia House GOP leadership seeks $1 billion income tax cut

Associated Press  

ATLANTA — Georgia’s House speaker on Tuesday proposed a $1 billion tax cut that would create a flat state income tax with a 5.25% tax rate, raise the amount of income exempt from taxation and eliminate many deductions. Georgia’s top income tax rate is now 5.75%, which applies to income over $7,000 earned by a single person or income over …

Arkansas lawmakers OK massive tax cuts, adjourn session
3 years ago

Arkansas lawmakers OK massive tax cuts, adjourn session

Associated Press  

— Arkansas lawmakers on Thursday approved the largest tax cut in state history, adjourning a special session without taking up an abortion ban modeled after Texas’ or other measures some Republican lawmakers hoped to add to the agenda. For an individual who happens to be paying a small portion of taxes, percentage-wise they’re getting a larger cut in their taxes.” …

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