Georgia tax cut could hit $2 billion, but maybe not by 2029
BONAIRE, Ga. (AP) — The Georgia state income tax cut signed Tuesday by Republican Gov. Brian Kemp could eventually total more than $2 billion. But the reductions will only happen by the target date of 2029 if state revenue holds up.
Kemp says the switch to a flat income tax is only part of his tax-cutting achievements.
The law signed Tuesday in Bonaire would create a flat income tax of 4.99% by 2029 or later. The current tax has a top rate of 5.75% with lower brackets below there.
The measure delivers an immediate flat tax of 5.49% on Jan. 1, 2024.
Copyright 2022 The Associated Press. All rights reserved.