NFIB Statement on Signing of Bill Reducing Tax Burden on Small Business
NFIB State Director Nathan Humphrey released the following statement today in response to Gov. Brian Kemp signing House Bill 1437, which will bring down tax rates on small business owners and other Georgians:
“This couldn’t have come at a better time for Georgia’s small businesses. Skyrocketing inflation, a spike in fuel costs, and ongoing supply chain disruptions are putting tremendous financial pressures on Main Street businesses. HB1437 is going to relieve some of that pressure.”
Rep. Shaw Blackmon’s bill consolidates Georgia’s six individual income tax brackets into one and brings down the rate a flat 5.25 percent. It also eliminates the standard deduction while increasing the personal exemption from $2,700 to $12,000 for single filers and from $3,700 to $24,000 for those married and filing jointly.
“HB1437 is going to help small business owners because most small businesses in the state are organized as pass-through entities, meaning their owners pay state income taxes at the individual rather than the corporate rate,” Humphrey said. “On behalf of our small business members, I want to thank Representative Blackmon, legislative leaders, and Governor Kemp for their support.”