Latest news with #HB111
Forbes
25-04-2025
- Business
- Forbes
Kemp Cuts Georgia Income Tax, While S.C. Lawmakers Aim To Follow Suit
The South Carolina State House in Columbia On April 15, Tax Day, Governor Brian Kemp (R-Ga.) signed House Bill 111, legislation lowering Georgia's flat income tax from 5.49% to 4.99%. This new income tax cut, the latest in a series of rate reductions passed by Georgia lawmakers in recent years, is projected to save taxpayers $880 million annually. 'While other states are running up budget deficits and raising taxes on their citizens, we're investing in the priorities of our state while further cutting taxes and returning more than a billion dollars to hardworking Georgians,' Governor Brian Kemp said in a statement. 'That's on top of the tax relief we've given in prior years and is a direct result of our conservative budgeting.' 'With the governor's signature, HB 111 doubles down on the efforts of prior years to reduce the tax burden on Georgians and job creators,' noted the release from Governor Kemp's office. 'With this second acceleration cutting the state income tax rate by another 20 basis points, the total income tax rate will now be down to just 5.19% - a decrease of 56 basis points from the original rate of 5.75%.' One week after Governor Kemp signed Georgia's latest income tax cut into law, legislators in neighboring South Carolina are advancing a bill to further reduce and flatten the Palmetto State's income tax. South Carolina House Speaker Murrell Smith (R) introduced legislation last month, H. 4216, that would move South Carolina from a progressive income tax code with a top rate of 6.2% to a flat 3.99% income tax, with revenue triggers established to cut the rate to 2.49% in the coming years. This week, the House Ways & Means Committee is considering three options for amending the bill. At a Ways & Means Committee hearing held the morning of April 22, Frank Rainwater, executive director of South Carolina's Revenue and Fiscal Affairs Office, outlined three income tax reform plans for lawmakers to choose from. Option A would proceed with the move to a 3.99% flat rate. Option B would move the state to a 4.74% flat tax. Option C would cut the top income tax rate from 6.2% to 5.49% and reduce the bottom tax bracket from 3.5% to 1.99%. Speaker Smith and Ways & Means Chairman Bruce Bannister (R) offered these options in response to concerns that colleagues expressed about the initial version of H. 4216, particularly the share of filers who would see a net increase despite the lower rate. In some legislative bodies leadership is criticized for figuring out a deals in private and foisting them on their caucus without any opportunity for amendment. Speaker Smith is taking the opposition approach in the South Carolina House with tax reform, offering adjustments to address the concerns of colleagues. 'This is the way the legislative process should work,' Chairman Bannister said at the start of the Tuesday morning hearing. During the April 22 Ways & Means Committee hearing, Representative Gilda Cobb-Hunter (D) expressed concerns about scheduling income tax rate reduction based on certain annual revenue triggers being met. Representative Cobb-Hunter questioned 'whether it's fiscally prudent to use revenue triggers given economic uncertainty.' Uncertainty, however, is precisely what revenue triggers are designed to address. H. 4216, in its current form, brings South Carolina's income tax rate down to 2.49% if certain revenue triggers are met. In North Carolina, meanwhile, the state's 4.25% flat income tax will fall to 2.49% in the coming years if revenue triggers are met and will fall further, to 1.99%, under the new budget passed by the North Carolina Senate on April 17. If the economy crashes and state revenue collections subsequently plummet, revenue triggers will not be met and further rate reduction will not take place. In that way revenue triggers act as a fiscal safety valve, ensuring that if revenues unexpectedly decline, that drop will not be exacerbated by additional rate reduction. The way revenue trigger proponents see it, uncertainty over the economy and future revenue collections, rather than make revenue triggers a mechanism of concern as Rep. Cobb-Hunter suggested, makes them all the more needed. During this week's Ways & Means hearing, Republicans and Democrats questioned whether South Carolina needs an improved income tax code given how many people are moving to the state, one of the nation's fasted growing for many years now. Just because California's economy is growing and is now the world's fourth largest, as Governor Gavin Newsom (D-Calif.) is touting, doesn't mean that California's 13.3% top marginal income tax rate, its cap and trade program, or its heavy regulatory burden do no harm. But that's the same logic employed by those who claim South Carolina's strong population growth doesn't mean the state's relatively high marginal income tax rate is without consequence. Several lawmakers also noted during Tuesday hearing that the effective rate paid by South Carolinians is much lower than the listed top rate of 6.2%. While proponents of further rate reduction concede that point, they do not agree that levying such a relatively high top marginal rate is without harm. Lawmakers questioned the goal of H.4216 during this week's Ways & Means hearing. It's goal, proponents contend, can be thought of as unshackling South Carolina from the competitive disadvantage that is its 6.2% top rate, which will still be the highest in the region even when it falls to 6%. While South Carolina has experienced relatively high levels of population in-migration, proponents of tax reform note that has been the case despite the imposition of such an uncompetitive top marginal rate. 'If we are competing for people, we are certainly winning,' Representative Todd Rutherford (D) said during the hearing. Proponents of further income tax rate reduction, however, describe the state as analogous to a champion Olympic sprinter who has been winning medals despite competing with leg weights around their ankles. It's great that the runner has done so well despite the ankle weights, but imagine the records they could set if they ditched the ankle weights. During the Ways & Means Committee hearing, Representative Nathan Ballentine (R) said he was struggling with the fact that, even though it's a minority of filers, some would face a higher income tax bill despite lower rates, even under the alternative tax reform proposals outlined by Dr. Rainwater. Yet even under some of the most pro-growth and conservative tax reform packages in recent history, though they cut taxes on net and for most, did result in higher bill for some filers. Some South Carolina lawmakers might decide they will oppose any tax reform plan that, even though it's a net cut overall and achieves needed rate reduction, results in a net increase for even a small minority of taxpayers. Any legislators who operate under that rationale, however, would also have to oppose the Tax Cuts and Jobs Act, which cut taxes for most but did result in higher bills for some, as well as President Donald Trump's efforts to extend those rate cuts. 'If we don't do anything we aren't that bad,' Representative Ballentine said at Tuesday's hearing. If South Carolina lawmakers don't do anything, however, the Palmetto State will remain home to the highest income tax rate in the southeastern U.S. Beyond that is the fact that competing states have continued to enact income tax rate-reducing reforms in recent weeks and months. Given that, many believe that if South Carolina lawmakers take no action to go beyond currently scheduled tax cuts, they'll be falling behind the competition.
Yahoo
15-04-2025
- Business
- Yahoo
Gov. Kemp signs $1 billion special tax refund bill
ATLANTA, Ga. (WSAV) – Governor Brian P. Kemp, joined by First Lady Marty Kemp, members of the Georgia General Assembly, and state and local leaders signed legislation Tuesday at a ceremony in Cobb County delivering more than $1 billion in significant tax relief to hardworking Georgians through an acceleration of the largest tax cut in state history and a third, one-time tax refund. 'Here in Georgia, we safeguard every dollar of taxpayer money, because we know it belongs to the people, not the government,' said Governor Brian Kemp. 'While other states are running up budget deficits and raising taxes on their citizens, we're investing in the priorities of our state while further cutting taxes and returning more than a billion dollars to hardworking Georgians! That's on top of the tax relief we've given in prior years and is a direct result of our conservative budgeting. 'As families fight through the impacts of high prices over the last several years, I want to thank our partners in the legislature for helping to make this possible and for supporting their fellow Georgians in this way.' Governor Kemp signed the following two bills today. HB 111 – sponsored by Representative Soo Hong, co-sponsored by Representatives Matthew Gambill, Lauren McDonald III, Will Wade, Bruce Williamson, and Shaw Blackmon, and carried in the Senate by Senator Bo Hatchett – accelerates the largest state income tax cut in Georgia history initiated by the signing of HB 1437 in 2022. HB 112 – sponsored by Representative Lauren McDonald III, co-sponsored by Representatives Soo Hong, Matthew Gambill, Will Wade, Alan Powell, and Shaw Blackmon, and carried in the Senate by Senator Drew Echols – authorizes the delivery of $1 billion in one-time special tax refunds of up to $500 per Georgia tax-payer household. With the governor's signature, HB 111 doubles down on the efforts of prior years to reduce the tax burden on Georgians and job creators. With this second acceleration cutting the state income tax rate by another 20 basis points, the total income tax rate will now be down to just 5.19 percent – a decrease of 56 basis points from the original rate of 5.75 percent. This expedited cut will save Georgians another 880 million dollars on their tax returns next year. 'Putting money back in taxpayer pockets and delivering on our promise to further cut the state income tax is a priority I am glad we all can agree on,' said Lt. Governor Burt Jones. 'With Governor Kemp's leadership, Georgia continues to serve as an example for the rest of the nation on how to reduce taxes and give more than a billion dollars back to our citizens, while having a healthy reserve and fiscally sound budget. These bills becoming law today bring us one step closer to eliminating the state income tax, a priority I have always been a proponent of. We are able to do this because we are focused on a stable and prosperous future for all Georgians, while making financial choices that will ensure Georgia's ongoing viability and financial stability. We will continue to make this a priority, and I look forward to seeing more of this great work in the future.' After today, through a one-time special tax refund, Georgians who file jointly will receive $500, single filers will receive $250, and heads of household will get $375. 'The Georgia House was proud to champion HB 111 and HB 112 that further reduce the tax burden on hardworking Georgians and put over $1 billion back in the pockets of our state's taxpayers,' said Speaker Jon Burns. 'These historic measures reiterate our commitment to providing much-needed financial relief to families across the state and delivering on the policies that matter most to our citizens.' Governor Kemp also made note of the General Assembly's ratification of his suspension of the state gas tax in the days following Hurricane Helene to provide direct relief to families, farmers, and businesses as they began to recover from the devastating storm. He is thankful to Lieutenant Governor Burt Jones, Speaker Jon Burns, OPB Director Rick Dunn, and the members of the General Assembly who worked to pass these important pieces of legislation. Click here for more information on the one-time special tax refund. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
15-04-2025
- Business
- Yahoo
Georgia Gov. Kemp to sign bill for $1 billion special tax refund. Here's how much you could get
Gov. Brian Kemp will sign a pair of tax-related bills on Tuesday. One would give Georgia taxpayers another special tax refund while the other will reduce Georgia's state income tax rate. Kemp will hold a ceremonial signing at 11:15 a.m. on Tax Day with members of the Georgia General Assembly in attendance. >>> STREAM ACTION NEWS JAX LIVE <<< House Bill 112 passed the General Assembly for the one-time special refund, which Kemp first proposed back in October. It matches the previous refunds that taxpayers received in 2022 and 2023. Single tax filers will receive $250; single head-of-household filers $350; and joint tax filers $500. Taxpayers who filed returns for 2023 and 2024 would be eligible. The governor's office says the refunds would total $1 billion. [DOWNLOAD: Free Action News Jax app for alerts as news breaks] The Georgia General Assembly also passed House Bill 111 to lower the state income rate to 5.19%. The state income tax cut had already been planned, but HB 111 accelerated the new tax rate retroactive to Jan. 1 of this year. Read: Report reveals incident that preceded Duval inmate Charles Faggart's death stretched over 2 hours Read: Jacksonville police identify 9 officers removed from jail duties after injury of inmate who died Read: Man dead, woman injured in Jacksonville double shooting [SIGN UP: Action News Jax Daily Headlines Newsletter] Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.
Yahoo
15-04-2025
- Business
- Yahoo
Gov. Kemp to sign bills for another special tax rebate, new state income tax rate
Gov. Brian Kemp will sign a pair of tax-related bills on Tuesday. One would give Georgians another round of a special tax rebate while the other will reduce Georgia's state income tax rate. Kemp will hold a ceremonial signing at 11:15 a.m. on Tax Day with members of the Georgia General Assembly in attendance. [DOWNLOAD: Free WSB-TV News app for alerts as news breaks] House Bill 112 passed the General Assembly for the one-time special refund, which Kemp first proposed back in October. It matches the previous refunds that taxpayers received in 2022 and 2023. Single tax filers will receive $250; single head-of-household filers $350; and joint tax filers $500. Taxpayers who filed returns for 2023 and 2024 would be eligible. The Georgia General Assembly also passed House Bill 111 to lower the state income rate to 5.19%. The state income tax cut had already been planned, but HB 111 accelerated the new tax rate retroactive to Jan. 1 of this year. [SIGN UP: WSB-TV Daily Headlines Newsletter]
Yahoo
17-03-2025
- Politics
- Yahoo
Ohio lawmakers look to increase penalties for speeding
COLUMBUS, Ohio (WMCH) – Drivers caught traveling 30 mph or more over the speed limit on Ohio roads could face an additional fine on top of a ticket if a recently introduced bill becomes law. House Bill 111, introduced in February by Reps. Kevin Miller (R-Newark) and Rodney Creech (R-West Alexandria), would tack $200 onto any existing ticket or penalty for drivers caught traveling at least 30 mph over the speed limit. Third fatal crash within 12 hours closed Interstate 70 in east Columbus 'The goal of House Bill 111 is to deter the most egregious speeding offenses which not only place the offender at risk but equally affects the safety of the motoring public,' Miller said. The cost of speeding fines in Ohio varies between jurisdictions, but tickets can cost hundreds of dollars with additional court fees. Under state law, penalties also increase if the speeding happens in a school zone, construction zone, or if the driver is a repeat offender. Currently, in Franklin County, the typical fine for those traveling up to 20 mph over the speed limit is $155, the fine for speeding 21-25 mph over the limit is $177, the fine for speeding 26-29 mph over the limit is $202, and the fine for speeding 30 mph or more over the limit is $227. Under the bill, Franklin County drivers ticketed for traveling 30 mph or more over the speed limit could face fines of $427 or more, depending on multiple factors. The legislation states if the court determines an offender cannot afford the additional fee, it can be waived. Bill addresses decision-making for Ohioans with developmental disabilities 'Fatal car crashes happen much more often when people are driving at reckless speeds such as 30 mph over the speed limit,' Creech said. 'This legislation simply seeks to give our law enforcement the tools to make our streets safer.' Under current law, being caught driving 30 mph or more over the speed limit also results in an offender receiving four points on their driver's license. Racking up 12 points in two years results in a six-month license suspension. In 2024, there were 27,224 speed-related crashes in the state and 318 of them were fatal, according to statistics from the Ohio State Highway Patrol. The patrol reported there were 250,042 crashes total last year. So far this year, from Jan. 1 through March 9, there have been 6,065 speed-related crashes in the state — including 27 that were fatal — out of 43,118 total. Additionally, the Ohio State Highway Patrol has issued 1,337 tickets for driving more than 30 mph over the speed limit, which equates to 4% of all 33,940 speeding tickets issued. HB 111 was assigned to the House's Public Safety Committee, where it awaits its first hearing. It currently has one Democrat and three Republican cosponsors. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
