Historic Income Tax Cut Would Bring Big Relief to Georgia’s Small Businesses

March 2, 2022

Historic Income Tax Cut Would Bring Big Relief to Georgia’s Small Businesses

NFIB State Director Nathan Humphrey released the following statement today in response to Speaker David Ralston and Chairman Shaw Blackmon’s bill to save Georgians an estimated $1 billion a year on their state income taxes: “Our members are grateful to legislative leaders for seizing this opportunity to relieve some of the financial pressures on Georgia families and small businesses. Most small businesses in the state are organized as pass-through entities, meaning owners pay taxes at the individual rate. “Georgia’s small businesses have had a rough couple of years. Speaker Ralston and Chairman Blackmon’s plan would lower Georgia’s maximum income tax rate from 5.75 percent to a single, flat rate of 5.25 percent. That combined with the tax rebates included in House Bill 1302 would give owners money to replace old equipment, expand their offerings, and offer workers higher wages, and that would really help jump-start Georgia’s economy”

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Uncategorized

State:

Georgia

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