By Clint Thompson
Tax relief has been a huge part of this year’s session in the Georgia Legislature.
Fuel tax relief was one way the state’s legislators helped Georgians. Another came via state income tax refunds.
Georgia Gov. Brian Kemp signed HB 1000 into law on Friday, authorizing the return of almost $1.2 billion in state income tax refunds. The rebate goes up to $250 for single filers, $375 for heads of household and $500 for couples filing jointly.
Like all Georgians, the state’s farmers will benefit from the refunds amid the challenging economic climate, says Georgia Agribusiness Council (GAC) President Will Bentley. He also highlighted the current tax rate and the governor’s goal of decreasing it below the 5% level.
“It’s been a big year dealing with taxes. There will be, I believe, about $500 credit back to families, and also the senate just took action on a house bill that would have gotten the state income tax down to 4.99%,” Bentley said. “Getting that state income tax below 5% was a huge goal of Gov. Kemp in his time and he’s lowered it almost every single year. It’s exciting to see that and get a little bit more relief for Georgians across the state.
“It’s been a tough few years for agriculture as a whole. Our state has some reserves stashed well and has been able to take action on lowering taxes for Georgians. That certainly impacts our industry. It’s a huge positive for everybody and the tough times in our industry specifically.”