Taxes News
Gov. Kemp seeks swifter income tax reduction in Georgia amid 2024 tax cuts
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%.
Georgia sees September revenues dip by 3.2% after excluding motor fuel tax impact
In a recent financial report released by the Governor's office, Georgia's tax revenues for September was down by 3.2%, excluding the re-imposition of the Motor Fuel Excise Tax, shedding light on the state's economic status. This decline was compounded by increased tax return amounts and individual tax collections that totaled $1.39 billion, which is less than the $1.55 billion collected in fiscal year 2023.
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