ATLANTA — Billions of dollars in corporate tax incentives could be on the chopping block as Republican state lawmakers unveil an updated plan to eliminate Georgia’s state income tax.

Under the proposal, the state income tax would be phased out entirely over the next several years. The plan would eliminate income taxes on the first $50,000 earned by individuals and the first $100,000 for married couples filing jointly.

State Senator Blake Tillery says the plan would remove the income tax burden for nearly two-thirds of Georgians.

“The effect is it does away with your income tax for two-thirds of Georgians, 64%,” Tillery said.

Tillery says lawmakers plan to offset the loss in revenue by cutting 10% of all current tax credits and incentives, including corporate incentives. He says lawmakers believe the approach is the fastest way to address affordability concerns.

“We knew that this was the best way we could address affordability and the fastest way we could do so,” Tillery said.

Democrats, however, remain skeptical. State Senator Nan Orrock says the proposal raises concerns about reduced state revenue.

“It sounds good, but the devil’s in the details,” Orrock said.

Lawmakers are set to convene for the start of the Georgia General Assembly on Monday, January 8.

WSB Radio’s Jonathan O’Brien contributed to this story.