FILE - Georgia Gov. Brian Kemp delivers the State of the State address on the House floor of the state Capitol on Wednesday, Jan. 25, 2023 in Atlanta. Georgia is offering a new bargain to some adults without health insurance beginning Saturday, July 1, 2023, go to work or school and the state will cover you. But advocates decry the plan, which will insure far fewer people than a full expansion of the state-federal Medicaid program, as needlessly restrictive and expensive.
held a ceremony Thursday morning in Augusta to sign a tax cut package into law, including a bill to accelerate the reduction of state income taxes. In 2022, a bill was passed to reduce the state income tax each year until it reached 4.9% by 2029. And in 2024, Georgia lawmakers signed HB 1437, which dropped the state’s income tax from 5.75% to 5.49%.and it lowers this year’s income tax to 5.39%, instead of 5.49%.
That rate will be reduced by 0.10% annually beginning on January 1, 2025, until the rate reaches 4.99%, according to the legislation. “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.Lowers the corporate income tax rate from 5.75% for Tax Year 2024 to 5.39% by matching the corporate income tax rate to the individual income tax rate for the corresponding year.
Source: Law Daily Report (lawdailyreport.net)
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