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HB 1015 - Reduces Income Taxes for State Residents from 5.49% to 5.39%. - Georgia Key Vote

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Title: Reduces Income Taxes for State Residents from 5.49% to 5.39%.

Vote Smart's Synopsis:

Vote to pass a bill that reduces income taxes for state residents from 5.49 to 5.39%.

Highlights:

  • Establishes a 5.39% for taxable years beginning on or after January 1, 2024, considering that rates shall be reduced by 0.10% annually until the rate reaches 4.99% (Sec. 1). 

  • Authorizes Each prospective annual reduction in tax rates shall be delayed by one year for each year that the following occur (Sec. 1).

    • The estimated Governor’s revenue for the succeeding year is not at least 3% above the Governor’s revenue for the present year;  

    • The prior year's net revenue collection is not higher than each of the preceding year's tax revenue collections; 

    • The Revenue Shortfall Reserve does not contain a sum that exceeds the amount of the decrease in state revenue that is projected. 

  • Prohibits the aforementioned from being applicable after the final reduction to the rate of 4.99% occurs (Sec. 1). 

  • Establishes that the act shall be authorized on July 1, 2024, and applies to all taxable years beginning on January 1, 2024 (Sec. 2). 

Full Bill Text

Title: Reduces Income Taxes for State Residents from 5.49% to 5.39%.

Title: Reduces Income Taxes for State Residents from 5.49% to 5.39%.

Highlights:

  • Establishes a 5.39% for taxable years beginning on or after January 1, 2024, considering that rates shall be reduced by 0.10% annually until the rate reaches 4.99% (Sec. 1). 

  • Authorizes Each prospective annual reduction in tax rates shall be delayed by one year for each year that the following occur (Sec. 1).

    • The estimated Governor’s revenue for the succeeding year is not at least 3% above the Governor’s revenue for the present year;  

    • The prior year's net revenue collection is not higher than each of the preceding year's tax revenue collections; 

    • The Revenue Shortfall Reserve does not contain a sum that exceeds the amount of the decrease in state revenue that is projected. 

  • Prohibits the aforementioned from being applicable after the final reduction to the rate of 4.99% occurs (Sec. 1). 

  • Establishes that the act shall be authorized on July 1, 2024, and applies to all taxable years beginning on January 1, 2024 (Sec. 2). 

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