ATL Standard

ATLANTA – Governor Brian Kemp, alongside Speaker of the House Jon Burns and other legislators, signed several bills into law in Augusta, Ga. today, aimed at cutting taxes for Georgians. Among the bills signed were House bills 1015, 1021, 1023, and 581, which were highlighted as House priorities during the 2024 legislative session.

"I am extremely proud of the House’s hard work during this year’s legislative session to get these important bills across the finish line," expressed Speaker Burns.

The newly signed House Bill 1015 will see a reduction in the individual income tax rate from 5.49 percent to 5.39 percent, effective from January 1, 2024. Additionally, House Bill 1021 will raise the personal exemption for dependents from $3,000 to $4,000. Furthermore, House Bill 1023 will adjust the rate of taxable net income for corporations to align with the individual income tax rate in the corresponding year.

In addressing the financial concerns of Georgians amidst inflation, these tax cut measures are expected to provide much-needed relief by putting money back into taxpayers' pockets. Moreover, House Bill 581, another legislation signed into law, will impose limitations on annual increases in property taxes.

The signing of these bills reflects a proactive approach by state officials to alleviate the economic burdens faced by residents, aiming to support the financial well-being of the people of Georgia.