This is a legislative update from State Representative Lehman Franklin.
Week 2 Highlights:
- On Monday, Gov. Brian Kemp declared a State of Emergency in anticipation of the winter storms that swept through our state this week. As a result, budget hearings were postponed.
- Despite the delay in hearings, the governor still released his official budget report and recommendations for the AFY 2025 and FY 2026.
- Passing a balanced budget is our one constitutional obligation and each year, budget week serves as the opportunity to lay the groundwork for the state’s financial planning.
Digging Deeper
Priorities in the governor’s budget include:
- $614 million for Hurricane Helene recovery efforts across the state.
- A one-time tax rebate of $1 billion for the 2024 tax year, along with a phased income tax cut that would reduce the rate from 5.75% to 4.99%
- A subsequent reduction in tax rates to 5.19% by 2025, saving the taxpayers $745 million annually.
- $1.1 billion for AFY 2025 for economic development initiatives
- $48 million for the OneGeorgia Authority, which supports rural workforce housing and site development programs.
- $1 billion in new investments across all levels of education, from pre-K through higher education.
- $141 million in FY 2026 to fully fund the first year of Georgia’s new Promise Scholarships
- $115 million for the Teachers Retirement System to cover the employer share of healthcare and retirement benefits
- $324 million to support growth in Medicaid enrollment and utilization
- $603 million for the Georgia Department of Corrections to recruit staff, improve security and address the physical and mental health needs of inmates
These are just some highlights. You can review the governor’s entire budget here.
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