ATLANTA — Gov. Brian Kemp is set to sign a pair of bills aimed at lowering tax cuts for Georgians into law on Thursday in Augusta.
Although tax season has passed, millions of Georgians will be able to save money in their pockets for the next several years.
House Bills 1015 and 1023 would accelerate an already-planned income tax cut for individuals and decrease the corporate income tax rate to match that of individuals.
"What a wonderful moment we’re in right where taxes are going down," said financial expert Bradley Rosen.
Here's how the new laws would impact individuals and businesses:
In 2022, Georgia's tax rate gained a flat income tax rate of 5.49%, transitioning away from a series of income brackets that topped at 5.75%.
The tax rate is currently 5.49%, and the governor is proposing to reduce it by 0.1% each year, which would bring it down to 4.99% if the state revenues hold up.
A person making $45,000 a year will save about $45 on their 2024 income tax. Those with an income of $75,000 a year will see an estimated $75 decrease. There will be additional savings each year as the rate decreases.
Georgia taxpayers will save hundreds in their pockets.
"And so all those percentages may not seem like a lot to the average individual based on their income, but a dollar saved somewhere else to help offset all the other expenses is going up," said Rosen.
11Alive spoke with some Georgia residents who are having mixed feelings about the latest efforts.
Atlanta resident Damaris McDonald says families will see a greater benefit if the governor tackles health services like Medicaid.
"I’m glad for those who can save $200, but he needs to do more," he said. "It’s not a bad idea, but I feel the governor needs to focus on things that will help the women in Georgia who are HIV positive by expanding Medicaid."
Resident David Browning fully supports the new laws.
"Anytime you decrease taxes and tax rates, it’s good for the consumer," Browning said.
Kemp is expected to deliver remarks as he signs the bills at the Augusta Municipal Building at 11:45 a.m. First Lady Marty Kemp, Augusta Mayor Garnett Johnson, members of the General Assembly, and more will join the Georgia governor.
Editor's note: This story has been updated to correct the sums on savings to $45 and $75 for people making about $45,000 and $75,000, respectively.