Warner Robins Today

Governor Brian Kemp (R) has proposed an expedited income tax rate decrease for 2024, expanding on his previous fiscal reforms. This proposal coincides with an ongoing $1 billion tax cut initiated on New Year's Day, which initially reduced the state income tax rate from 5.75% to 5.49%.

According to WSB-TV, Kemp aims for a state income tax rate of 5.39% for 2024 if legislators agree during the upcoming legislative session. If approved, this reduction would apply retroactively from the start of the year and would accelerate the existing plan to decrease the income tax rate to 4.99% by 2029 - a move that Republican leaders say will offer taxpayers more immediate relief.

WGXA-TV reported last month that when the tax cut was approved, Speaker of the House Jon Burns (R) underscored the conservative principle that tax dollars belong to earners and emphasized how lower taxes spur economic growth. Burns pointed out Georgia's advantageous business environment and low per-capita tax burden, stating that the proposed tax cut aligns with conservative leadership's commitment to aiding working Georgians in facing inflation challenges. WGXA-TV noted that this expedited income tax cut is the largest in state history.

In a press release last month, Kemp said: "Now, thanks to our conservative budgeting and strong state economy built on business-friendly policies, we are well-positioned to move the timeline up and put more money where it belongs -- back into Georgians' pockets. I look forward to working with our partners in the legislature to bring this further relief to families still burdened by Bidenomics." The Office of Planning and Budget projects savings for Georgia taxpayers, estimating around $1.1 billion in 2024 due to the accelerated tax cut and the 26 basis-point reduction outlined.