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How does the newly signed Georgia revenue tax minimize have an effect on you?

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How does the 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 the state’s history.

The law, signed in Bonaire on Tuesday, would create a flat income tax rate of 4.99% through 2029 or later. The current tax has a top rate of 5.75% with lower brackets below. The measure will result in an immediate flat tax of 5.49% effective January 1, 2024.

That will save the average Georgia family of four, who makes $60,000 more than $600 a year in their state taxes, he said.

The tax cut could eventually add up to more than $2 billion.

But the cuts will only come through the 2029 target date, if government revenues hold up.

Kemp says moving to a flat income tax is just part of his tax-cut successes.

“These declines are intentionally separated over this period, beginning in 2024, to ensure the government is able to respond appropriately to any unexpected or sudden downturn in the economy,” he said.

He was greeted by First Lady Marty Kemp, Lt. gov. Geoff Duncan, members of the Georgia General Assembly and others at the ceremony signing House Bill 1437.

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