GA HB880

Reduces Georgia's income tax rate from 5.19% to a target of 3.99% (down from current target of 4.99%), with 0.10% annual reductions beginning January 1, 2026, subject to revenue and reserve fund conditions

Increases the standard deduction annually beginning January 1, 2027: from $24,000 to $36,000 for married couples filing jointly ($1,200/year increase) and from $12,000 to $18,000 for single filers ($600/year increase)

Raises the dependent deduction from $4,000 to $6,000 per dependent, increasing by $200 annually starting January 1, 2027

Increases retirement income exclusion for taxpayers 65 or older from $65,000 to $70,000 beginning January 1, 2027

Raises the Revenue Shortfall Reserve cap from 15% to 20% of prior year's net revenue, with surplus funds above 20% available for tax relief; increases the threshold for Governor-released funds from 4% to 8%