Committee advances HB1116 substitute to phase in larger homestead exemptions and create local homestead option sales tax The Public Policy and Finance Committee passed a substitute to HB1116 (LC339873s) that phases in larger homestead exemptions between 2027 and 2031, establishes a local homestead option sales tax (LHOST), and preserves exemptions for bond-funded projects; committee passed the substitute by voice vote.

Georgia's Public Policy and Finance Committee just took a significant step forward by advancing a plan to dramatically increase homestead exemptions and introduce a local sales tax option!

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#GA #CitizenPortal #GeorgiaHomestead #LocalFinance #TaxReform #PublicPolicy

Committee advances bill to raise Georgia's homestead bankruptcy exemption A House committee voted to advance LC443365, which would raise Georgia's homestead bankruptcy exemption from $21,500/$43,000 (individual/joint) to $50,000/$100,000, with witnesses urging smaller increases or indexing to federal levels to protect creditors and local vendors.

Georgia's homestead bankruptcy exemption might see a significant boost to $50,000 for individuals and $100,000 for couples, but not everyone agrees on how high it should go.

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#GA #CivicAccountability #CitizenPortal #HomeValue #BankruptcyReform #GeorgiaHomestead