Connect with us

Hi, what are you looking for?

(The Center Square) – Georgia lawmakers passed legislation that will gradually drop the state income tax rate over the next few years, a move that proponents say will make the state more competitive.

The state House voted 167-2, and the state Senate voted 41-13 in favor of an amended House Bill 1437. The bill sets the state’s tax level at 4.99% by 2029, starting with a 5.49% flat tax for the tax year beginning Jan. 1, 2024.

The measure, which received broad bipartisan support in both chambers of the Legislature, now heads to Gov. Brian Kemp, a Republican, for his signature. Kemp is expected to sign the bill into law.

According to the Georgia Public Policy Foundation, nearly a dozen states cut their income tax during the past year. Additionally, two neighboring states — Florida and Tennessee — do not have a state income tax.

“Following their actions in 2018, lawmakers have taken another key step toward ensuring our state government does not overly burden Georgians through a tax on work, savings and investment,” GPPF President and CEO Kyle Wingfield said in a statement. “Other states around the country and especially in our Southeastern region are taking action to make themselves more competitive, and this strong, responsible plan will help ensure Georgia not only doesn’t fall behind, but remains a leader.”

GPPF said its analysis of the original bill found a flat tax could return nearly $2.4 billion to Georgia taxpayers. However, the group said the number could be higher in the version lawmakers approved.

Georgia’s top tax rate is currently 5.75%. Moving to a flat tax could reduce government revenues by roughly $1.3 billion, though the Georgia Budget & Policy Institute said the number was likely closer to $2 billion.

“Yet again, lawmakers are skewing the tax code so that the wealthy get massive tax cuts and would not have to pay their fair share, but only paying lip service to support for low- and middle-income families,” GBPI said in a blog post.

By T.A. DeFeo | The Center Square contributor

The Georgia Virtue
Written By

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

You May Also Like

Bulloch Crime & Safety

The Bulloch Co Jail Booking & Incident Report 06/27/22 details arrests from Statesboro, Brooklet, Register, Portal, Bulloch County, and the Georgia State Patrol. Incident...

Courts

The Georgia Supreme Court this week issued a formal public reprimand for a judge investigated following an incident with a cell phone, admonishment, and...

Bulloch Local News

The Bulloch County Recreation and Parks Department and Cardinal LG are excited to present the 2022 Firecracker Fest at Mill Creek Regional Park in...

Bulloch Crime & Safety

Bulloch Inspections Jun 19-25 are public information, published by the Georgia Department of Public Health, and posted in a conspicuous location at the establishment....

Copyright © 2022 ... JustSun LLC.

NEVER MISS A STORY!
Sign Up For Our  Newsletter
Get the latest headlines and stories - and even exclusive content!- sent right to your inbox.
Stay Updated
Give it a try, you can unsubscribe anytime.
close-link