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Ways & Means advances bill to accelerate income tax rate cut to 5.19% for 2025
Summary
The committee passed HB 111 to accelerate a scheduled personal income tax-rate reduction to 5.19% for tax year 2025 and keep the path to a 4.99% rate by 2027, sponsor said; some members raised concerns about tying corporate and personal tax changes.
The Georgia House Ways & Means Committee voted to advance House Bill 111, a measure that accelerates a previously enacted schedule of personal income tax-rate reductions so that the rate will be 5.19% for tax year 2025, the sponsor said.
Representative (Leader) Hong presented HB 111 on behalf of the governor, describing it as an acceleration of tax cuts first enacted in 2022 by HB 1437 and further amended in later legislation. “Because of our…
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