GA HB111

Reduces Georgia's individual income tax rate from 5.39% to 5.19% for taxable years beginning on or after January 1, 2025

Continues the scheduled annual 0.10% rate reductions beginning January 1, 2026 until the rate reaches 4.99%

Annual rate reductions may be delayed if: the Governor's revenue estimate for the next fiscal year is not at least 3% higher than the current year, prior year net revenue was not higher than each of the preceding three years, or the Revenue Shortfall Reserve lacks sufficient funds to cover projected revenue loss

Office of Planning and Budget must report determinations on whether rate reduction conditions are met by December 1 each year to legislative leadership and committee chairs

Effective July 1, 2025, applying to all taxable years beginning on or after January 1, 2025