Georgia House Passes Income Tax Rate Reduction

ATLANTA- Today, the Georgia House of Representatives passed House Bill 880, which aims to reduce the Georgia income tax rate from 4.99 percent to 3.99 percent by .10 percent annually, saving Georgia taxpayers an estimated $6 billion each year.

"Tax dollars belong to the people, not the government. That's why the Georgia House was proud to pass legislation to put more money back in the pockets of the people who earned it," said House Speaker Jon Burns (R-Newington). "House Bill 880 represents yet another historic effort by the General Assembly to deliver meaningful relief to the taxpayers, families and senior citizens of our great state."

Sponsored by House Ways and Means Chairman Shaw Blackmon (R-Bonaire), HB 880 increases the personal exemption for dependents from $4,000 to $6,000, raises the standard deduction for married couples filing jointly from $24,000 to $36,000, increases the standard deduction for single filers from $12,000 to $18,000 and raises the income exclusion for retirees 65 or older from $65,000 to $70,000 per eligible taxpayer. Together, these initiatives enable a family of four to not pay a single penny of state income tax on their first $48,000 of income.

"The House Majority Caucus believes that the money Georgians earn belongs in their pockets, not in the hands of government," said House Ways and Means Chairman Shaw Blackmon. "When families, homeowners and small businesses can keep more of their hard-earned dollars, everything becomes more affordable. House Bill 880 provides the real relief Georgians deserve."

The full text of HB 880 and additional information about the Georgia House's tax reform efforts can be found at the link below:

https://www.legis.ga.gov/legislation/71847

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