Wednesday, January 3, 2024–7:14 p.m.
-Staff reports-
In just a few more days the 2024 session of the Georgia General Assembly will convene, and one legislative priority will be the acceleration of a decrease in the state individual income tax rate.
The 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.
“When I signed the largest income tax cut in state history in 2022, I did so with the understanding we would deliver on this promise in a responsible way,” said Governor Brian Kemp. “Now, thanks to our conservative budgeting and strong state economy built on business-friendly policies, we are well-positioned to move the timeline up and put more money where it belongs — back into Georgians’ pockets. I look forward to working with our partners in the legislature to bring this further relief to families still burdened by Bidenomics.”
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.
