In 2017, Georgia lawmakers passed major tax reform, cutting the income tax rate for the first time in history from 6 percent to 5.75 percent. This returned more than half a billion dollars back to taxpayers in 2018.
Last year, the General Assembly once enacted historic tax cuts and reforms with the “Tax Reduction and Reform Act of 2022,” returning at least $1 billion back to hard-working Georgians beginning in 2024.
This is a bold and comprehensive plan that will make our state even more competitive and benefit ALL GEORGIANS. As Chairman of the House Appropriations Committee, I'm proud of the hard work our dedicated team of legislators and staff put forth in authoring this bill.
These cuts are another major step forward in reducing income taxes and continuing the work begun in 2017. It goes further than the final step envisioned in 2018, cutting to 4.99% (instead of 5.49%) and eliminating the other brackets (from 5 to 1).
The new law is flatter, fairer and simpler and includes tax savings across all income levels. It eliminates the marriage penalty, maintains the $3,000 child tax credit, eliminates the standard deductions for married and single filers and increases the personal exemptions for both. When it takes full effect, Georgia taxpayers should expect to see the $1 billion return grow into $2.5 billion over a few short years.
Learn more about the major provisions and other details here.