Bill > HB165

This bill amends Georgia's tax code to modify standard deduction amounts for income tax filing, allowing taxpayers to choose between itemized nonbusiness deductions or a standard deduction. For married couples filing jointly, the standard deduction will be $24,000, while single taxpayers, heads of household, or married individuals filing separately will receive a $12,000 standard deduction. The bill also introduces an additional deduction for net disaster losses, which is defined according to specific federal legislation (the Consolidated Appropriations Act of 2021 and the Federal Disaster Tax Relief Act of 2023). This means taxpayers who have experienced significant losses from federally recognized disasters can claim an extra deduction on their state income taxes. The changes will take effect upon the Governor's approval and will apply to all tax years beginning on or after January 1, 2024, providing tax relief and potentially helping individuals and families recover from disaster-related financial setbacks.

Budget and Finance

https://www.legis.ga.gov/legislation/69642