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Senate passes modified income‑tax plan amid sharp debate over $6B fiscal gap; FY27 budget adopted
Summary
The Senate agreed to a House amendment on a high‑profile income‑tax reduction plan (HB463) after extended debate over fiscal risk; later the chamber adopted the FY27 budget conference report (HB974). Opponents warned of a multi‑billion dollar gap if credits are eliminated.
The Georgia Senate spent several hours debating House Bill 463, a negotiated income‑tax reduction package that the Senate described as moving a previously broader tax‑cut plan toward a compromise the House could accept. The sponsor said the bill would lower the top income‑tax rate toward 3.99%, raise standard deductions for individuals and families, exempt modest overtime and tip income, and rely on eliminating or scaling back certain tax credits to help pay for the change.
Opponents — notably a…
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