Atlanta, GA ~ Governor Brian P. Kemp, First Lady Marty Kemp, Lieutenant Governor Burt Jones, and Speaker Jon Burns of the General Assembly announced their shared priority of introducing and passing legislation in the upcoming regular session of the General Assembly that will accelerate a decrease in the state individual income tax rate. This legislation will amend HB 1437, which provides for a step down of 10 basis points in the income tax rate, starting in 2025 and for each taxable year thereafter until the rate reaches 4.99 percent.

The Office of Planning and Budget estimates that this acceleration will result in savings for Georgia taxpayers of approximately $1.1 billion in calendar year 2024 as a result of the tax cut acceleration and the 26 basis-points reduction provided in HB 1437. Governor Kemp stated that this move was made possible due to conservative budgeting and strong state economy built on business-friendly policies. He also expressed his enthusiasm to work with partners in the legislature to bring further relief to families still burdened by Bidenomics.

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Lieutenant Governor Burt Jones commented on this announcement as a great step toward ultimately eliminating Georgia's income tax, which is a top priority for him. He commended Governor Kemp and members of the legislature for strategically putting their state in a position to give more money back to every Georgian. Speaker Jon Burns added that as conservatives they are guided by the principle that tax dollars belong to those who earned them in the first place and that low taxes encourage economic growth. He also noted how Georgians have enjoyed not only one of the best business climates but also one of the lowest per-capita tax burdens in the country due to conservative leadership lowering taxes on working Georgians so they can support their families at a time when inflation has eroded their buying power.

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