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House subcommittee hears measures to accelerate income tax cut, issue $1 billion refunds
Summary
The House Ways and Means subcommittee held first hearings on HB111, a proposal to accelerate an ongoing individual income tax rate reduction, and HB112, a bill to return roughly $1 billion to taxpayers through fixed refunds; both were presented as hearings only and will return for further consideration.
House Income Tax Subcommittee — The House Ways and Means income tax subcommittee heard presentations on two governor-backed measures that would accelerate Georgia's recent individual income tax reductions and provide one-time refunds to eligible filers.
Representative Sue Hong presented House Bill 111, saying the measure would accelerate the income tax rate reduction enacted in 2022 (HB 1437) and would move the rate by an additional 20 basis points, which she said would save taxpayers “approximately $880,000,000.” Representative Sue Hong said the proposal would reduce the individual income tax rate toward roughly 5.19 percent for tax year 2025.
The subcommittee also…
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