Georgia lawmakers passed legislation that will gradually drop the state income tax rate over the next few years, a move that proponents say will make the state more competitive.
The state House voted 167-2, and the state Senate voted 41-13 in favor of an amended House Bill 1437. The bill sets the state’s tax level at 4.99% by 2029, starting with a 5.49% flat tax for the tax year beginning Jan. 1, 2024.
The measure, which received broad bipartisan support in both chambers of the Legislature, now heads to Gov. Brian Kemp, a Republican, for his signature. Kemp is expected to sign the bill into law.
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