Gov. Brian Kemp (R-GA) outlined his plan to accelerate state income tax cuts as a way of easing costs for “families still burdened by Bidenomics.”
Kemp’s proposal, outlined Monday at the Capitol in Atlanta, would lower the income tax rate for tax year 2024 to 5.39% from 5.49%. The income tax rate for tax year 2023 is 5.75%.
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“When I signed the largest income tax cut in state history in 2022, I did so with the understanding we would deliver on this promise in a responsible way,” Kemp said in a statement on Monday.
“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,” he added.
The state Office of Planning and Budget estimates that the cut would save taxpayers of the Peach State roughly $1.1 billion. The state income tax rate is already set to drop beginning in 2025 by 10 basis points until it reaches 4.99%.
Republican state House Speaker Jon Burns expressed his support for the plan, saying it helps with the Peach State’s already healthy business climate.
“As conservatives, we’re guided by the principle that tax dollars belong to those who earned them in the first place and that low taxes encourage economic growth,” Burns said in a statement.
“This approach has resulted in Georgians enjoying not only the No. 1 business climate but also one of the lowest per capita tax burdens in the country. Today, conservative leadership is once again lowering taxes on working Georgians so they can support their families at a time when inflation has eroded the buying power of their paychecks,” he added.
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In addition to prior income tax cuts, Kemp enacted a suspension of the gas tax from September through last week, which he said was meant to ease the cost of Bidenomics on Georgians.
The plan to speed up income tax cuts will be on the agenda for the regular legislative session, which will begin next month. The current special session, which ends this week, is mainly aimed at passing new congressional and legislative maps.
