ATLANTA — Georgia’s state income tax rate is set to decrease further after Gov. Brian Kemp signed a new tax measure into law on Monday.
With one day remaining to sign or veto legislation, Kemp signed several tax-related bills. One of the new laws lowers the state income tax rate to 4.99%, with a long-term goal of reducing it to 3.99% over the next eight years.
“While other states like California and Maryland are raising taxes on their citizens, here in Georgia, we’re giving money back to the people,” Kemp said.
The measure also temporarily waives taxes on some overtime pay and tips while increasing the retirement income exclusion by $5,000.
Kemp said he was proud to sign legislation aimed at reducing Georgia’s income tax burden and capping property tax assessments.
“We believe it is your money, not the government’s. The bills I signed today are just the latest example of this enduring commitment,” he said.
The governor also signed legislation creating limits on property tax assessment increases.
“We’ve heard for years about the need for property tax relief in Georgia. This bill delivers on that issue,” Kemp added.
“When Georgians across the state made clear that affordability was the number one issue they faced, Republican leadership delivered real, meaningful relief that allows hardworking taxpayers to keep more of their money where it belongs - in their pockets,” said Speaker of the House Jon Burns.