Georgia Governor Kemp is calling for an accelerated reduction in the income tax rate

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Georgia Gov. Brian Kemp speaks flanked by Republican lawmakers at the Georgia Capitol in Atlanta on Monday, Dec. 4, 2023. Kemp and Republican lawmakers want to further reduce Georgia's state income tax rate in the 2024 legislative session. (AP Photo/Jeff Amy)

With the state sitting on a mountain of reserves, Gov. Brian Kemp and legislative leaders said Monday they want to speed up implementation of a law passed last year to cut Georgia's income tax rate.

Kemp signed legislation last year – House Bill 1437 – to gradually reduce the income tax rate from 5.75% to 4.99% by 2029 and increase exemptions when Georgians file their tax returns.

The measure has been called one of the largest income tax cuts in Georgia's history and, if fully implemented, ultimately promised taxpayers savings of $1 billion or more per year.

The rate is set to drop to 5.49% on Jan. 1, but Kemp announced among key lawmakers that he would support legislation to lower the rate to 5.39%.

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