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Gov. Kemp Proposes Historic Tax Cut Targeting 5.39% Income Tax Rate in Georgia

The Internal Revenue Service 1040 tax form for 2022 is photographed, Monday, April 17, 2023. The IRS says it has answered 2 million more calls this tax filing season than a year ago, with the average phone wait time now at four minutes. That's down considerably from 27 minutes for the 2022 tax season. (AP Photo/Jon Elswick)
Jon Elswick/AP
/
AP
The Internal Revenue Service 1040 tax form for 2022 is photographed, Monday, April 17, 2023. The IRS says it has answered 2 million more calls this tax filing season than a year ago, with the average phone wait time now at four minutes. That's down considerably from 27 minutes for the 2022 tax season. (AP Photo/Jon Elswick)

Governor Brian Kemp announced today his intention to accelerate legislation that will decrease the income tax rate in Georgia.

The proposed legislation will amend House Bill 1437, decreasing the individual income tax rate for Tax Year 2024 to 5.39%, rather than the original 5.49%. According to the Office of the Governor, the result will be the largest tax cut in Georgia history. The General Assembly Speaker of the House Jon Burns, along with other members of the Assembly, joined the governor in his announcement.

The Office of Planning and Budget estimates that this proposed acceleration of the tax cut will result in an elimination of over a billion dollars from tax revenue. Governor Kemp called the plan an attempt to, “put more money into Georgian’s pockets.” For WUGA news, I’m Emma Auer.

Voting for the tax cut acceleration will occur in the upcoming regular session of the General Assembly.

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