ATLANTA — Gov. Brian Kemp is introducing legislation to “accelerate a decrease in the state individual income tax rate.”

The legislation will amend a current bill that provides a step down of 10 points in the income tax rate starting in 2025 until the tax rate reaches 4.99%.

“By accelerating the reduction, the rate for Tax Year 2024 will be 5.39 percent, rather than the 5.49 percent set by HB 1437. This will mark a cut of 36 basis points from the Tax Year 2023 rate of 5.75 percent,” a news release from the governor’s office said.

“When I signed the largest income tax cut in state history in 2022, I did so with the understanding we would deliver on this promise in a responsible way,” said Governor Brian Kemp. “Now, thanks to our conservative budgeting and strong state economy built on business-friendly policies, we are well-positioned to move the timeline up and put more money where it belongs -- back into Georgians’ pockets. I look forward to working with our partners in the legislature to bring this further relief to families still burdened by Bidenomics.”

The state estimates the move will save Georgians approximately $1.1 billion in 2024.

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