Historic Tax Cuts Now in Effect

July 12, 2024

The measure will accelerate the largest income tax cut in Georgia's history

Historic Tax Cuts Now in Effect

In a post on X (formerly known as Twitter), Gov. Brian Kemp noted that the July 1 start of Georgia’s 2024-25 fiscal year means several important bills are now in effect.

Today begins a new Fiscal Year in Georgia, and thanks to our partnership with the General Assembly, hardworking Georgians will begin to see further tax relief, pay raises for law enforcement and teachers, and other benefits as several new laws go into effect.
— Governor Brian P. Kemp (@GovKemp) July 1, 2024

They include House Bill 1015, which was one of NFIB’s top priorities in this year’s session of the General Assembly. The measure will accelerate the largest income tax cut in Georgia’s history. “This is going to have a big impact on small businesses,” NFIB State Director Hunter Loggins said. “Inflation continues to drive up the cost of doing business, but HB 1015 will allow owners to keep more of the money they bring in, allowing them to hold prices down, grow their businesses, and hire more workers.” Other provisions include: ? HB 1023, which lowers the corporate income tax rate to match the individual income tax rate, furthering our state’s commitment to promoting opportunity and good-paying jobs in every part of the state. ? HB 984, which creates the Georgia High Demand Career List to help educators and workforce developers better equip those entering the job market with skills needed for success.

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