(The Center Square) — The Georgia Senate could vote Wednesday on whether to lower the state’s income tax further.
House Bill 1015 would lower the individual income tax rate from 5.49% to 5.39% for the tax years starting Jan. 1, 2024. It would decrease the rate by 0.1% annually starting Jan. 1, 2025, until it reaches 4.99%.
However, the measure does contain some provisions that could delay the decrease, including if the governor’s revenue estimate for the next fiscal year is not at least 3% above the current fiscal year.
Additionally, the decrease could be delayed if the previous fiscal year’s net revenue collection did not surpass the preceding three fiscal years or if the Revenue Shortfall Reserve does not have more than the expected decrease in state revenue stemming from the tax rate reduction.
Under the measure, the Office of Planning and Budget will prepare a report annually
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