Georgia Gov. Kemp proposes accelerating largest income tax cut in state history

ATLANTA (WDEF) — Citizens of Georgia could be seeing some huge savings in the next calendar year as Georgia Gov. Brian Kemp proposed speeding up the process for cutting income taxes in Georgia.

“We’re trying to put more money back into the hands of people in Georgia,” says Georgia House of Representative, Mike Cameron.

The Office of Planning and Budget estimates that Georgia taxpayers will save $1.1 billion in 2024.

“It will accelerate the rate down and it will help us get down to the 4.99 that we want… and hopefully one day we can lower it even further,” says Cameron.

The legislation will change HB1437, which provides for a step down of 10 basis points in the income tax rate, starting in 2025 and each taxable year after until the rate reaches 4.99%.

In order to decrease the income tax, the rate for Tax Year 2024 will be 5.39%, rather than the 5.49% set by HB 1437. This will mark a cut of 36 basis points from the Tax Year 2023 rate of 5.75%.

“When I signed the largest income tax cut in 2022, I did so with the understanding we would deliver on this promise in a responsible way,” said Governor Brian Kemp.

The ultimate goal for the Republicans of Georgia is to completely eliminate the state income tax.