Historic Income Tax Cut with Georgia State Tax Laws Changes

Speaker David Ralston & Chairman Shaw Blackmon Announce Historic Income Tax Cut

Article by: AllonGeorgia.Com on March 3, 2022

Historic Income Tax Cut: Speaker David Ralston (R-Blue Ridge) and House Ways & Means Chairman Shaw Blackmon (R-Bonaire) announced legislation to lower Georgia’s maximum income tax rate from 5.75 percent to a single, flat rate of 5.25 percent. Combined with other measures in the proposed legislation, Georgians would save an estimated $1 billion per year when the cut goes into effect for calendar year 2024.

“Lowering taxes will let families keep more of their hard-earned money,” said Speaker David Ralston. “In these times when Washington is letting inflation skyrocket, it is up to us to keep our state government lean and help Georgians when the cost of everything is rising. I am proud that this will mark the third time as Speaker that I will preside over the passage of a tax cut – another step in our continuing efforts to lower taxes for Georgia families.”

The bill also institutes a standard exemption of $12,000 for single or head-of-household filers and $24,000 for married couples filing jointly. For example, a family of four would not pay any income tax on the first $30,000 of income, assuming they claim available dependent exemptions.

“With this bill, we will not only save Georgians more than a billion dollars a year, but we will also have a fairer, flat income tax that is easier to understand,” said Chairman Shaw Blackmon. “We are focused on implementing better tax policy to keep Georgia competitive.

Article Source: Retrieved March 3, 2022 from https://allongeorgia.com/georgia-state-politics/georgia-house-speaker-david-ralston-chairman-shaw-blackmon-announce-historic-income-tax-cut/

Rest assured that at Anderson, Adkins & Company, we are well-versed in changes in legislation that may affect your taxes and we are ready to apply our knowledge. If you have any questions, please feel free to reach out to us at 706.288.2000 or info@AugustaCPAs.com.