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GA HB1015
Bill
Status
Passed
4/18/2024
Primary Sponsor
Lauren McDonald
Click for details
AI Summary
- Georgia's individual income tax rate is reduced from 5.49% to 5.39% for taxable years beginning on or after January 1, 2024, with additional automatic 0.10% annual reductions starting January 1, 2025, until the rate reaches 4.99%
- Annual rate reductions are delayed by one year if any of three fiscal conditions are not met as of December 1: the Governor's revenue estimate for the next fiscal year is not at least 3% above the current year's estimate, the prior fiscal year's net revenue was not higher than each of the three preceding years, or the Revenue Shortfall Reserve does not contain enough funds to cover the projected revenue loss
- The Office of Planning and Budget must make the required fiscal determinations and report them by December 1 each year to the Department of Revenue, legislative leadership, and chairs of the appropriations and finance committees
- The Act becomes effective July 1, 2024, and applies retroactively to all taxable years beginning on or after January 1, 2024
Legislative Description
Income tax; reduce rate of tax
Last Action
Effective Date 2024-07-01
4/18/2024
Committee Referrals
Finance2/9/2024
Ways and Means1/25/2024
Full Bill Text
No bill text available