Personal Taxes

Georgia’s Private Revenue Tax Will Drop to 4.99% in 2029

By Angélica Serrano-Román

April 26, 2022, 7:01 PM

Georgia taxpayers will see their personal income tax rate go down starting in 2024 as part of a bill signed Tuesday by Gov. Brian Kemp.

The state’s current 5.75% personal income tax rate will drop to 5.49% in 2024, then to 4.99% in 2029.

“These decreases are purposefully separated over that span of time and begin in 2024 to ensure the state is able to respond appropriately to any unexpected or sudden downturns in the economy,” Kemp said in a release.

As the rate reduces, the standard deductions for individuals and married couples filing jointly will progressively increase. …

Angélica Serrano-Roman

reporter

© 2022 The Bureau of National Affairs, Inc.

All rights reserved

Related Articles