Georgia lawmakers approve income tax cuts for people and businesses

ATLANTA (AP) — Income taxes for Georgia residents and businesses are set to fall after the state Senate gave final passage to a pair of tax cuts Wednesday.

House Bill 1015, which passed 40-12, would accelerate an already-planned income tax cut for individuals. House Bill 1023, which passed 34-17, would decrease the corporate income tax rate to match that of individuals. Both measures head to Republican Gov. Brian Kemp, who is expected to sign them into law.

“We are continuing to conservatively manage our budget and put money back in the hands of Georgians,” said Sen. Bo Hatchett, a Cornelia Republican who is a floor leader for Kemp.

Some Democratic senators, but not all, voted against each bill. But the only person who spoke against the cuts was Sen. Colton Moore, a Trenton Republican, who earlier Wednesday challenged lawmakers to cut personal income tax rates by even more.

“It’ll be a fraud when you go back home and say, ‘I’m only cutting the income tax by a tenth of a point,’” said Moore, who nevertheless voted for the measure.

Kemp and other Republican leaders back the measure to roll back the personal income tax rate to 5.39%, retroactive to Jan. 1. As of that date, Georgia gained a flat income tax rate of 5.49%, passed under a 2022 law that transitioned away from a series of income brackets that topped out at 5.75%.

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