Macon, GA – According to the state officials, this legislation will amend HB 1437, which provides for a step down of 10 basis points in the income tax rate, starting in 2025 and for each taxable year thereafter until the rate reaches 4.99 percent.
By accelerating the reduction, the rate for Tax Year 2024 will be 5.39 percent, rather than the 5.49 percent set by HB 1437.
This will mark a cut of 36 basis points from the Tax Year 2023 rate of 5.75 percent.
The Office of Planning and Budget estimates savings for Georgia taxpayers of approximately $1.1 billion in calendar year 2024 as a result of the tax cut acceleration and the 26 basis-points reduction provided in HB 1437.
