How will newly signed Georgia income tax cut affect you?
BONAIRE, Ga. (WRDW/WAGT) - Gov. Brian P. Kemp on Tuesday signed the largest income tax cut in state history into law on Tuesday.
The law signed Tuesday in Bonaire would create a flat income tax of 4.99% by 2029 or later. The current tax has a top rate of 5.75% with lower brackets below there. The measure delivers an immediate flat tax of 5.49% on Jan. 1, 2024.
That will save the average Georgia family of four making $60,000 more than $600 per year on their state taxes, he said.
The tax cut could eventually total more than $2 billion.
But the reductions will only happen by the target date of 2029 if state revenue holds up.
Kemp says the switch to a flat income tax is only part of his tax-cutting achievements.
“These decreases are purposefully separated over that span of time and begin in 2024 to ensure the state is able to respond appropriately to any unexpected or sudden downturns in the economy,” he said.
He was joined by first lady Marty Kemp, Lt. Gov. Geoff Duncan, members of the Georgia General Assembly and others at the ceremony to sign House Bill 1437.
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