Gov. Kemp and members of the General Assembly announced their shared priority of introducing and passing legislation in the upcoming regular session of the General Assembly that will accelerate a decrease in the state individual income tax rate

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.

Must Read

Gov. Kemp announced he has directed the Office of Planning and...

0
Macon, GA - State officials announced that this brings the the total amount of ARPA funding currently dedicated to this grant to $94,237,210. The initial...