GA SB520

Replaces Georgia's flat income tax with a three-bracket system effective January 1, 2027: 2% on income up to $30,000 (joint) or $15,000 (single), 4% on income between $30,000-$60,000 (joint) or $15,000-$30,000 (single), and 6% on income above those thresholds; corporations taxed at flat 6%

Increases standard deduction from $24,000 to $34,000 for joint filers and from $12,000 to $17,000 for single/head of household filers; eliminates option to claim itemized nonbusiness deductions; phases out standard deduction for incomes above $280,000 (joint) or $140,000 (single)

Raises child tax credit from $250 to $1,250 per qualifying child and makes it refundable; creates new state earned income tax credit equal to 20% of the federal EITC, also refundable

Increases cigarette excise tax from $0.37 to $1.96 per pack with annual inflation adjustments; sets excise tax at 28% of wholesale cost for cigars, loose/smokeless tobacco, and vapor products

Repeals tax credits for contributions to student scholarship organizations and removes related reporting requirements to the General Assembly; effective July 1, 2026