(ExpressTelegraph.com) — While Georgia officials have been keen to lower the state’s income tax rate, they may not be done cutting.
In April, Republican Gov. Brian Kemp signed a series of tax bills, including a measure to speed up a decrease in the state’s personal income tax rate.
House Bill 1015 lowers the individual income tax rate to 5.39% for the 2024 tax year. It decreases the rate by 0.1% annually starting Jan. 1, 2025, until it reaches 4.99%.
During a recent virtual press conference to discuss the three statewide tax referendums, Georgia Rep. Soo Hong, R-Lawrenceville, indicated lawmakers are likely to consider additional tax cuts.
“I think going forward, we’ll be doing more tax income cuts, the rate cuts,” Hong said. “I know that we’ll be working on that in our future session.”
Republican Lt. Governor Burt Jones is among the state leaders who have advocated for eliminating the Peach State’s income tax.
“Under our state’s strong conservative leadership, we’ve balanced the budget every year while lowering our income tax rate and returning billions of dollars to taxpayers,” Jones said in a statement last week. “I want to thank Governor Brian Kemp for his leadership and for prioritizing the budgets of Georgia’s families.
“Priorities like the one announced today will help Georgians keep more of their hard-earned money and will separate us from the failed policies in Washington,” Jones added. “I made a promise to the people of Georgia that as your Lt. Governor, I would work every year to lower your taxes and keep more of your hard-earned dollars in your pockets, and I look forward to working with the Governor and the Speaker to do that again when we reconvene in January.”
