Georgia Senate approves legislation to reduce state income tax
Exciting News from Georgia: Lowering State Income Tax for Everyone!
The Georgia Senate has made a bold move, voting in favor of a measure to decrease the state’s income tax rate from 5.49% to 5.39%.
This significant change was approved with a resounding majority of 40-12, as the Senate passed House Bill 1015. The bill is now on its way to the desk of Republican Governor Brian Kemp, who is anticipated to give it his seal of approval.
Just a few months ago, in April 2022, Governor Kemp signed HB 1437 into law, establishing a flat income tax rate of 5.49% for the tax year commencing on January 1, 2024. This move was hailed as “the largest tax cut in Georgia history” by Kemp himself.
Accelerating the Tax Relief Process
Expressing his gratitude for the passing of HB 1015, Governor Kemp underlined the importance of expediting the timeline for this historic tax cut. In a recent social media post, he remarked, “Putting Georgians’ hard-earned money back where it belongs — in their pockets.”
The approved legislation not only lowers the tax rate immediately but also outlines a gradual reduction plan. Starting on January 1, 2025, the rate will decrease annually by 0.1% until it ultimately reaches 4.99%. However, certain conditions in the measure could potentially postpone this reduction.
Future Prospects for Tax Reduction
Kyle Wingfield, the president and CEO of the Georgia Public Policy Foundation, shared his enthusiasm for the tax relief measures, stating, “We are pleased to see any reduction in the burden on Georgia’s taxpayers and look forward to further collaboration to decrease it in the future.”
In a move that complements the income tax adjustments, the lawmakers also ratified HB 1023 by a vote of 34-17. This legislation aligns the business tax rate with the individual income tax rate, showcasing a holistic approach to tax reforms in the state.
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