summary
Introduced
01/24/2024
01/24/2024
In Committee
03/14/2024
03/14/2024
Crossed Over
02/08/2024
02/08/2024
Passed
04/01/2024
04/01/2024
Dead
Signed/Enacted/Adopted
04/18/2024
04/18/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
AN ACT To amend Article 2 of Chapter 7 of Title 48 of the Official Code of Georgia Annotated, relating to the imposition, rate, computation, exemptions, and credits relative to income taxes, so as to reduce the rate of the tax; to provide for related matters; to provide for an effective date and applicability; to repeal conflicting laws; and for other purposes.
AI Summary
This bill amends Georgia's income tax law to gradually reduce the individual income tax rate from 5.49% to 4.99% over a period of years, beginning January 1, 2024. The annual reductions of 0.10 percentage points are subject to delays if certain economic conditions are not met, such as revenue growth and the balance in the state's Revenue Shortfall Reserve. The bill is effective July 1, 2024 and applies to all taxable years beginning on or after January 1, 2024.
Committee Categories
Budget and Finance
Sponsors (7)
Shaw Blackmon (R)*,
Matthew Gambill (R)*,
Soo Hong (R)*,
Jan Jones (R)*,
Lauren McDonald (R)*,
Will Wade (R)*,
Bo Hatchett (R),
Last Action
Effective Date 2024-07-01 (on 04/18/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.legis.ga.gov/legislation/66260 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/227797 |
| Fiscal Note | https://www.legis.ga.gov/api/legislation/document/20232024/227386 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/221701 |
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