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Senate panel advances bill accelerating Georgia individual income tax cut to 5.19%
Summary
The Senate Finance Committee voted to advance House Bill 111, which accelerates the scheduled decrease in Georgia's individual income tax rate from 5.39% to 5.19%; proponents said the reduction is included in the current budget and argued it returns money to taxpayers, while some members raised concerns about trade-offs with funding for services.
The Georgia Senate Finance Committee advanced House Bill 111 on a voice/hand vote after extended debate, approving a measure that accelerates an existing schedule of reductions in the state individual income tax rate from 5.39% to 5.19%.
Leader Hong, presenting HB 111 "on behalf of the governor," told the committee, "This will accelerate the tax cut for Georgia's individual income tax." He said the change was included in the current budget and that lawmakers could meet expenses and "give back money to our taxpayers."
The bill would accelerate reductions originally set out in earlier legislation. Hong and other supporters cited prior bills that created the multi-year rate path; members referenced HB 1437 (2022) and HB 1015 (passed last year) when describing the history of prior…
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