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Georgia tax cut could hit $2 billion, but maybe not by 2029

GEORGIA
Posted at 10:56 AM, Apr 27, 2022
and last updated 2022-04-27 10:56:29-04

BONAIRE, Ga. (AP) — The Georgia state income tax cut signed Tuesday by Republican Gov. Brian Kemp could eventually total more than $2 billion. But the reductions will only happen by the target date of 2029 if state revenue holds up.

Kemp says the switch to a flat income tax is only part of his tax-cutting achievements.

The law signed Tuesday in Bonaire would create a flat income tax of 4.99% by 2029 or later.

The current tax has a top rate of 5.75% with lower brackets below there. The measure delivers an immediate flat tax of 5.49% on Jan. 1, 2024.