Georgia Approves Historic Income Tax Cuts

The Georgia Senate has passed measures to lower both individual and corporate income tax rates, with reductions planned through 2025.

The Georgia Senate approved House Bill 1015, lowering the individual income tax from 5.49% to 5.39%, with further annual reductions planned until it reaches 4.99%.
House Bill 1023 matches the corporate income tax rate to the individual rate, aiming to decrease both to 4.99% over time.
Governor Brian Kemp is expected to sign both bills into law, marking a significant tax reduction for both individuals and businesses.
The tax cuts are part of a broader strategy to make Georgia more competitive, with comparisons drawn to neighboring states.
Some provisions could delay the tax reductions, including if the state's revenue does not meet certain financial benchmarks.