GEORGIA — Gov. Brian Kemp signed a set of tax relief bills into law Thursday while at a ceremony in Augusta, accelerating what the state calls the largest income tax cut in Georgia’s history.
According to the governor’s office, the bills collectively will save taxpayers more than $1 billion in 2024 due to speeding up the tax cut plans and reducing income taxes on Georgians.
Going forward, the income tax rate for 2024 will be 5.39% and marks “a cut of 36 basis points from the Tax Year 2023 rate of 5.75%.”
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“The Office of Planning and Budget estimates savings for Georgia taxpayers of approximately $1.1 billion in calendar year 2024 as a result of the tax cut acceleration and the 26 basis-points reduction provided in HB 1437, and approximately $3 billion over the next 10 years,” the governor’s office said in a statement.
Among the variety of bills that made it into the tax cut package, there are changes to the corporate income tax rate, lowering it to match the income tax rate of everyday taxpayers, a modification to homestead exemptions across Georgia, broadening what can qualify as a historic home for tax credits related to rehabilitation, and increasing deductions for dependents by $1,000.
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Kemp signed five bills, saying that by doing so, Georgia is keeping a promise to grow the economy.
“Washington D.C. politicians are currently working to raise taxes on hardworking Americans, but here in Georgia we are keeping to our commitment to grow our economy and opportunity for the people of our state, not government,” Kemp said in a statement. “As a result of conservative budgeting and our pro-growth, business-friendly environment, billions of more dollars will now be kept in the pockets of hardworking Georgians rather than being devoted to creating more government bureaucracy and red tape.”
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