Parents and homeowners would see a wave of tax cuts under a new Georgia House Republican plan.
Speaker of the House Jon Burns (R- Newington) on Wednesday announced plans to file four bills that would bring sweeping tax reductions in the form of child tax credits, increased homestead exemptions and income tax caps.
“Right now there are no more important issues impacting Georgia families than higher prices,” Burns said. “High prices at the gas pump, grocery store, department store, hardware stores and virtually everywhere in between are really putting strain on families in Georgia.”
The proposed bills would collectively reduce state revenue by an estimated $300 million.
Here’s what House Republicans have in mind:
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Childcare tax deduction
Rep. Lauren Daniel (R- Locust Grove) is spearheading a bill to increase the child tax deduction by $1,000 per child, raising it from $3,000 to $4,000.
“When I ran for office, I said I was going to focus on fighting for Georgia’s families and the speaker, the governor, and the lieutenant governor have led the way on that,” Daniel said. “I hope we continue to do so, and I think these legislations are going to continue to do that and move the needle forward for all families.”