Georgia income tax reform bill passes house
ATLANTA (AP) – A plan to cut Georgia state income taxes by more than $1 billion has passed the state House.
Republicans supporting House Bill 1437 on Wednesday said it simplifies the state’s tax system while providing relief.
It would create a flat state income tax with a 5.25% rate, raise the amount of income exempt from taxation, and eliminate many deductions.
The measure moves to the Senate for more debate.
The changes would begin in 2024.
An analysis by a group opposing the bill shows that the changes would raise taxes on more than 500,000 Georgians and that overall benefits are tilted toward the most wealthy taxpayers.
