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Bill > SB404
GA SB404
GA SB404Individual Tax Rates; reduction of the state income tax over time; revise provisions
summary
Introduced
01/25/2024
01/25/2024
In Committee
01/26/2024
01/26/2024
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 proposes to amend the Georgia state income tax code to gradually reduce the individual income tax rate from 5.49% in 2024 to zero percent over time, removing certain conditions that previously delayed these annual rate reductions. The bill sets the initial rate at 5.49% in 2024 and calls for a 1% annual decrease starting in 2025 until the rate reaches zero percent, without the previous provisions that could have delayed these reductions. The bill is set to become effective on July 1, 2024 and apply to all taxable years beginning on or after January 1, 2025.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Senate Read and Referred (on 01/26/2024)
Taxonomy
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.legis.ga.gov/legislation/66377 | 01/26/2024 |
| BillText | https://www.legis.ga.gov/api/legislation/document/20232024/221971 | 01/26/2024 |
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