summary
Introduced
01/25/2024
01/25/2024
In Committee
Crossed Over
Passed
Dead
03/28/2024
03/28/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
AN ACT To amend Code Section 48-7-20 of the Official Code of Georgia Annotated, relating to individual tax rates, credit for withholding and other payments, and applicability to estates and trusts, so as to revise provisions for the reduction of the state income tax over time; to remove certain conditions for such rate reduction; to provide for related matters; to provide an effective date and applicability; to repeal conflicting laws; and for other purposes.
AI Summary
This bill revises the provisions for the reduction of Georgia's state income tax over time. It sets the initial tax rate at 5.49% starting in 2024 and then reduces it by 1 percentage point annually until it reaches 0%, removing certain conditions that had previously delayed the rate reductions. The bill also provides an effective date of July 1, 2024, and repeals any conflicting laws.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
House Second Readers (on 01/29/2024)
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/66343 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/221965 |
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