The Georgia State House on Thursday voted unanimously to pass a bill that will accelerate the tax cuts previously passed by the Georgia General Assembly in 2022 alongside bills aimed at lowering property taxes and increasing child tax credits.
HB 1015 will reduce the Georgia state income tax rate to 5.39 percent, effective retroactively to January 1, amending previous legislation that established a flat income tax in Georgia that would be set at 5.49 percent in 2024. Active legislation mandates the income tax rate be decreased by 10 basis points annually until it reaches 4.99 percent, which could be achieved in 2028 if the bill becomes law.
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