Georgia Rep. Shaw Blackmon
ATLANTA – General Assembly is considering giving tax breaks to Georgians trying to cope with the financial repercussions of the coronavirus pandemic.
Legislation to increase the standard deduction allowed state income taxpayers to pass unanimously in a House Ways and Means subcommittee on Wednesday.
Under House Bill 593, married taxpayers filing together could add $ 1,100 to the state’s standard deduction, which would increase from $ 6,000 to $ 7,100. Individual taxpayers could deduct an additional $ 800, and married couples filing separately would receive an additional $ 550 deduction.
The state’s House of Representatives passed a bill last year setting Georgia’s income tax rate at a flat rate of 5.375%. However, the Georgia Senate failed to take the measure after lawmakers returned to the Gold Dome after a three-month hiatus caused by COVID-19.
“So much of this was talked about at the last meeting,” Ways and committee chair Shaw Blackmon, R-Bonaire, the law’s main sponsor, told subcommittee members on Wednesday. “This is an opportunity to give people some of that relief again. … It hits most Georgians that we could get with a tax break package. ”
Blackmon said the annual tax impact of the tax cut on the treasury would not exceed around $ 150 million.
The bill is endorsed by Rep. Bruce Williamson, R-Monroe, chairman of the subcommittee. and Representative Chuck Martin, R-Alpharetta; Ron Stephens, R-Savannah; David Knight, R-Griffin; and Jason Ridley, R-Chatsworth.
Legislation now runs the entire Ways and Means Committee.